Benefits of Making Extra Payments
- Reduce the total interest paid over the life of the loan
- Pay off your auto loan faster
- Build equity in your vehicle more quickly
- Flexibility to make one-time or recurring extra payments
Types of Extra Payments
- One-time payments: Tax refunds, bonuses, etc.
- Monthly extra: Round up your payment
- Bi-weekly payments: Split monthly payment
- Annual payments: Year-end bonus
Tip: Even small extra payments can make a big difference over time. Try adding just $50 extra per month to see the impact!
