How to pay your car loan off faster

CATEGORY: MANAGING YOUR CAR LOAN

Whether you’ve already set up your car loan or you’re simply considering your options, paying off your loan faster is financially best. That’s because the faster you pay your car loan off, the less you pay in interest, and the shorter the length of your loan.

If you want to speed up your repayment rate, there are some straightforward ways to do it. Here are three tips to minimise the cost of your car loan and help you to accelerate your way clear of car loan debt.

Quick takeaways:

1. Increasing the frequency of your repayments can be a smart and manageable way to reduce the cost of your car loan. Read more.
2. Don’t set-and-forget your car loan – if you find yourself with a little wiggle room in your budget, find out how much that little extra on your car loan could save you. Read more.
3. Give your car loan a health check at least once a year – a lot changes in 12 months and its worthwhile reviewing your car loan to be sure you are getting the best value for money. Read more.

Try out our car loan calculator to get an idea of what you could borrow.

Apply for a car loan here.