Here are a few tips to get you started:
- Know your car’s value. You can look up the trade-in value of your car on sites like Kelly Blue Book.
- Avoid rolling your old loan balance into a new car loan.
- Refinance at a lower interest rate.
- Negotiate your loan terms.
- Sell your car.
What is the best way to pay off a high interest car loan?
The bottom line is that paying off your loan or credit card debt early will save you money in interest and decrease the overall term of the loan.
Top 6 Ways to Pay Off Any Loan Faster
- Make Bi-Weekly Payments.
- Round Up the Payments.
- Find Extra Money.
- Make One Extra Payment.
- Refinance Your Loan.
- Take Advantage of Paperless.
Can I get out of a car loan I just signed?
If you signed the sales contract, you own the car. But if you’re unhappy with your car loan, you may be able to refinance. If you purchased certain kinds of coverage you don’t think you need now, you may be able to cancel them and get the balance of the money back.
Photo in the article by “Army.mil”