When you choose to finance a new or pre-owned vehicle, you’ll have a monthly payment that you’ll need to pay in full and on time. Eventually, the loan will be paid off, and you’ll officially own the car. But, what happens if you want to pay off your loan early? Can you pay off a car loan early? You can!
Paying off a car loan can be beneficial for many drivers, but there are some points to consider before taking that final step. Read on to learn more from Whitten Brothers Mazda about paying off a car loan early and when it makes sense.
Paying off a car loan early affords a lot of benefits. You’ll pay less interest overall, because you’re repaying the car loan ahead of schedule. You’ll also eliminate the chance of becoming “upside down” on your loan, or owing more on your car loan than what the car itself is worth. Paying off a car loan early can give you financial freedom, allowing you to put your money toward another bill or expense.
If you’re ready to pay off your loan early, you can take the following steps to increase the amount and/or frequency of your payments:
To recap: Is it good to pay off a car loan early? In many cases, it’s a good idea to pay off your car loan early, if possible.
For more information on car financing, check out our car buying tips hub. Contact us online or call us at 804-893-4775 to learn more about our financing services and we can help you finance the Mazda you truly want.
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