4 Comments June 28th, 2009

How can you save money on paying off a car loan?

Miranda B asked:


I would like to do that for paying off my car from a loan I got from my credit union. The principal is not that big and I can pay that off probably in one lump. I would like to save money on interest or avoid paying interest by paying off the principal in advance. Is this possible?

This entry was posted on Sunday, June 28th, 2009 at 2:35 pm and is filed under Car Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “How can you save money on paying off a car loan?”

  1. waterinpool Says:
    July 1st, 2009 at 7:31 am

    yes, go ahead a pay it off. Dose ur credit union have a penalty for paying it off early? Evan if they do, that would be cheaper than paying all that interest.

  2. stan c Says:
    July 4th, 2009 at 1:16 am

    If you’re halfway there, you paid about 70% of the interest. Put whatever you can in a savings account and just add to it every month or whatever you get paid.

  3. bluerayxp Says:
    July 7th, 2009 at 10:31 am

    Yes, Apply For A Credit Card With 0% Interest And Pay The Car with this credit Card.. then pay the Credit Card at Cero percent.

  4. Alexandria C Says:
    July 8th, 2009 at 12:54 pm

    Assuming you have a normal loan, part of each monthly payment is interest accrued on the principle balance since the last payment. If you pay of the principle, you save the interest that would have accrued for the remaining term of the loan. Contact the lender and ask for the payoff amount for a specific date. Interest accrues daily. The payoff amount today is slightly less than the payoff amount tomorrow.

    Also, a good site is…

    Good luck