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If you are free of credit card debt but have a mortgage or student loans, compare those interest rates to that of your car loan to figure out which makes the most sense to pay down with extra ...
That extra amount should go directly toward the principal, especially if you specify that intention when you make your payment. Use an auto loan early payoff calculator to find out how much you ...
If you do pay off your loan early, you will save more money with a simple interest auto loan. ... Free, online auto loan calculators allow you to skip the pencil and paper and instantly determine ...
Credit Card A – $250 balance – $25/month minimum; Credit Card B – $500 balance – $26/month minimum; Car payment – $2500 balance – $150/month minimum; Personal loan – $5000 balance – $200/month minimum; The debtor has an additional $100/month which can be devoted to repayment of debt.
Individual borrowers who expect to prepay their loans early should generally favor a combination of lower principal balance and higher interest rate (which stops accruing after prepayment), rather than a below-market interest rate and higher principal balance (which much be paid in full, regardless of prepayment).
Some banks and loan providers offer special programs designed to help borrowers pay off their debt more quickly. Such repayment plans often come with higher monthly payments and shorter terms.
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