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Save money with these expert hacks to pay off your car loan more quickly.
Also see10 ways smart people save money when buying a new car.
With this strategy, youd pay half the monthly amount every two weeks.
This simple switch can shave months off your loan term, he explained.
Even small extra amounts $20-$50 can make a big difference over time.
Lokenauth explained that this strategy will reduce the interest you pay over the life of the loan.
ensure to tell your lender its for principal only this is super important, he said.
Use the Income Windfalls Strategy
Lokenauth suggested using unexpected money to tackle your car loan.
He recommended applying any tax refunds, work bonuses or gifted cash to your car loans principal.
Your future self will thank you for being responsible, he said.
Consider Refinancing Opportunities
Refinancing opportunities could be another good option to save money.
Sometimes getting a better deal can make a huge difference, Lokenauth said.
Then you’re able to put that money toward your car loan, he said.
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