{"id":360292,"date":"2021-12-02T12:47:52","date_gmt":"2021-12-02T19:47:52","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=360292"},"modified":"2022-04-18T13:24:13","modified_gmt":"2022-04-18T19:24:13","slug":"pay-off-car-loan-early","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/pay-off-car-loan-early\/","title":{"rendered":"Here\u2019s what to know about paying off your car loan early"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"200\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-600x200.jpg\" alt=\"\" class=\"wp-image-360293\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-600x200.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-300x100.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-768x256.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-450x150.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-900x300.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature-1400x467.jpg 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/signing-contract-for-car-paying-off-auto-loan-feature.jpg 1500w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Disclosure regarding our editorial content standards<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p>So you\u2019ve come into some extra cash, and are considering using it to pay off your car loan early. Before you jump all in and start spending your money getting your loan balance down to $0, there are a few things to consider about your car loan and the potential ramifications of paying it off early. Read on to learn more about the potential impacts on your <a href=\"https:\/\/www.creditrepair.com\/credit-education\" target=\"_blank\" rel=\"noreferrer noopener\">credit<\/a> and finances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-consider-beforehand\">What to consider beforehand&nbsp;<\/h2>\n\n\n\n<p>It may seem like paying off your car loan early is a slam dunk, but there are several other factors to consider before you go all in to pay down your loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-potential-repayment-penalties\">Potential repayment penalties<\/h3>\n\n\n\n<p>Some car loans come with <a href=\"https:\/\/www.creditrepair.com\/blog\/mortgage-and-housing-information\/what-is-a-prepayment-penalty\/\" target=\"_blank\" rel=\"noreferrer noopener\">prepayment penalties<\/a>, or fees charged if you pay off your loan early, to deter you from doing so. Not every loan agreement comes with these fees, so be sure to carefully review the terms of your loan and decide if paying off your loan early makes these extra fees worthwhile.<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/dbKksMHgIMw\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<p><span class=\"has-inline-color has-white-color\">test<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"200\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-600x200.png\" alt=\"Prepayment penalties for auto loans are permitted in 36 states but are banned for loans longer than 61 months (5 years).\" class=\"wp-image-360295\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-600x200.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-300x100.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-768x256.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-450x150.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-900x300.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans-1400x467.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/prepayment-penalties-for-auto-loans.png 1500w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Other debt appraisal&nbsp;<\/h3>\n\n\n\n<p>Think critically: do you have other debt that should be attended to before your auto loan? If you have other loans or credit card debt with a higher <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-101\/average-loan-interest-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\">interest rate<\/a> or annual percentage rate (APR) than your car loan, it may make more sense to pay off that debt first to save yourself from paying additional accrued interest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Budget flexibility&nbsp;<\/h3>\n\n\n\n<p>When considering covering the costs of your auto loan, especially in full, reflect on your monthly budget and other payments you make each month, such as your rent or <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-101\/how-to-pay-card-bill\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit card bill<\/a>. If paying your loan off early would stretch your budget too thin or render you unable to cover your other monthly payments, then you may want to reconsider paying your bill in full\u2014though you could increase your monthly payments (more on that later).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Advantages of paying off car loans early&nbsp;<\/h2>\n\n\n\n<p>It\u2019s important to know what the upsides are when deciding whether or not to pay off your loan early, like how much you may save on interest and the money you\u2019ll have freed up for other expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Save on interest&nbsp;<\/h3>\n\n\n\n<p>Your monthly <a href=\"https:\/\/www.creditrepair.com\/blog\/finance\/auto-loan-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">auto loan<\/a> payments are composed of both the principal amount (the amount you initially borrowed) and the interest and fees (the cost of borrowing from a lender). While no auto loan will look exactly the same, it may save you long-term money on interest if you pay off your principal amount ahead of schedule.&nbsp;<\/p>\n\n\n\n<p>The exact amount (if any) you\u2019ll save on interest will depend on the terms of your loan and whether you have a precomputed or simple interest loan. Review the terms of your loan and talk to your lender if you have any questions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Take on full ownership sooner<\/h3>\n\n\n\n<p>While you may be the one driving the car and footing the bill for gas and repairs, the lender technically owns your car while you\u2019re making payments. Once you\u2019ve paid the loan off, the car\u2019s title gets switched over to your name\u2014which comes in handy if you want to sell or trade the vehicle down the road.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"200\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-600x200.png\" alt=\"Paying of your auto loan early means you take full ownership of the car and can buy or sell down the road.\" class=\"wp-image-360296\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-600x200.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-300x100.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-768x256.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-450x150.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-900x300.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car-1400x467.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/paying-off-auto-loan-early-means-you-take-full-ownership-of-the-car.png 1500w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">More money for additional expenses&nbsp;<\/h3>\n\n\n\n<p>If you have a high monthly payment, then paying your loan off early means that money gets freed up to use for additional expenses. It may make sense for you to pay off your auto loan so you can focus on putting more money into your other loans or mortgage, or to build up your <a href=\"https:\/\/www.creditrepair.com\/blog\/finance\/what-is-a-sinking-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">sinking fund<\/a>.<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/dd34Tm0Dl0I\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">3 strategies to pay off your car loan early<\/h2>\n\n\n\n<p>Once you\u2019ve considered your financial situation and decided that paying off your car loan early is a good move, you may be wondering how to do so. You generally have three options for paying off your car loan (or any loan) early: paying in full, increasing monthly payments or paying in partial lump sums.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pay off in full&nbsp;<\/h3>\n\n\n\n<p>If you have the money, making one lump-sum payment in full is the simplest way to pay off your car loan early. You\u2019ll need the 10-day payoff amount (including accrued interest since the last monthly payment) to make the full payment, which you can send as a check or pay online. Be sure to double-check that your account reflects $0 before moving on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Increase monthly payments&nbsp;<\/h3>\n\n\n\n<p>One way to pay off your car loan sooner without making huge payments is to make more frequent payments each month. This allows you flexibility in how much and how often you\u2019ll pay, plus it helps save you both money and time down the road.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pay partial lump sums<\/h3>\n\n\n\n<p>If you have some money to make a dent in your car payment, then you can make a large payment to reduce how much you owe. While this won\u2019t have any effect on your monthly payment, it can dramatically cut down how long you\u2019ll be making payments.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"400\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-531x400.png\" alt=\"\" class=\"wp-image-360344\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-531x400.png 531w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-300x226.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-768x579.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-450x339.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-600x452.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-900x678.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07-1400x1055.png 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2021\/12\/should-you-pay-off-your-car-loan-early-07.png 1500w\" sizes=\"(max-width: 531px) 100vw, 531px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">How paying off your car loan early affects your credit&nbsp;<\/h2>\n\n\n\n<p>Any sort of major change to your credit history, including paying off a loan, may cause your credit score to decrease slightly. Luckily, if you have a positive credit history with no <a href=\"https:\/\/www.creditrepair.com\/education\/counseling\/derogatory-marks\" target=\"_blank\" rel=\"noreferrer noopener\">derogatory marks<\/a>, this drop should be temporary and you should see your score rise again after a month or two.&nbsp;<\/p>\n\n\n\n<p>However, if you have poor credit or <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-101\/no-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">no credit score<\/a>, then it may make more sense to keep your car loan open, as this could help your credit more than paying it off. This is because a car loan is a <a href=\"https:\/\/www.creditrepair.com\/education\/counseling\/what-is-a-line-of-credit\" target=\"_blank\" rel=\"noreferrer noopener\">line of credit<\/a> that is reflected in the total number of accounts you have, which helps build your credit history. Loans of all kinds also help improve your credit mix by showing you have a diverse borrowing history.&nbsp;<\/p>\n\n\n\n<p>Keep in mind that once your car loan is paid off (whether early or on time), it will remain on your credit report for up to 10 years. As long as your payments were made on time while you were still paying the loan off, the loan will reflect positively on your credit report and score.<\/p>\n\n\n\n<p>None of this means you definitively should (or should not) pay off your car loan early. It\u2019s all about what works best for you and your current financial situation, so be sure to consult with your financial advisor if you\u2019re on the fence. No matter what you decide, check your <a href=\"https:\/\/www.creditrepair.com\/fix-my-credit\" target=\"_blank\" rel=\"noreferrer noopener\">credit<\/a> beforehand to ensure you\u2019re making the right credit decisions.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><a href=\"https:\/\/creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">Note: <\/a> The information provided on CreditRepair.com does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you jump all in and start spending your money getting your loan balance down to $0, there are a few things to consider about your car loan and the potential ramifications of paying it off early.<\/p>\n","protected":false},"author":70,"featured_media":360294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I pay off my car loan early? - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"If you\u2019re considering paying off your car loan early, you should figure out if that\u2019s best for you and your credit. 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