✅WATCH as I show you how Paying OFF car loan EARLY principal payments works out in your favor. It is the winning equation that banks don’t what you know this but it can save you thousands of dollars.

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Related Video: Should you pay off your car early?
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Principal VS Monthly Payments Explained and Which is BETTER?
You have two choices when sending extra money to your lender when paying off car loan early. Principal payment or extra monthly payment. Principal payments allow you to pay off car loan early. Also, paying off car loan early, good for credit? Not always but I’d chose no payments every time. Principal payments work like this all the money goes straight to the principal balance reducing how much you owe and how much you pay in interest. Monthly payments are required per your agreement and sending extra money just pays up the loan and does nothing to you pay off your loan early or get out debt faster.

It does not matter if you have a car loan, student loan, mortgage, personal loan or some other type of auto related loan. As long as you don’t have prepayment penalties and is a simple interest fixed rate loan extra money towards the principal will help you pay off your loan faster while saving you money. If the choice was paying off car loan faster vs investing, I would chose paying off the car loan. Investing is great and needed but think about how much more you could invest once you pay off your debt and become debt free.

Making extra principal payments helped me pay off my truck early, 50 months ahead of schedule and saved me thousands in interest. Give it a try this stuff really works.

Thank you for watching and be sure to share with a friend who could use this information.

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