Is it time for a car loan health-check?

CATEGORY: MANAGING YOUR CAR LOAN

Have you had your car loan for 12 months or more? If so it could be time to review your options and perform a health-check. Here are five simple steps to getting the most from your car loan.

1. Increase the value of your payments

If your budget changes or your financial position improves, you may be able to increase the amount you’re paying. Check with your provider and find out if it’s possible to pay more and reduce the life of your loan.

2. Increase the frequency of your payments

If you receive your pay weekly or fortnightly, you might find it easier to pay off your loan in the same way. Splitting your monthly payment into two and turning it into a fortnightly payment instead allows you to add in an additional payment every year.

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Check our car loan calculator here to help assess your current loan repayments.