Your lender might charge a prepayment penalty, so check with them before deciding to pay off the loan too soon so you don’t owe more than planned.There are also some risks to keep in mind when deciding whether or not to pay off your car loan early: You’ll own your vehicle free and clear, so you’ll be able to sell it if you need to and/or more easily buy yourself a new vehicle if that is your goal.You’ll pay less in interest over the life of the loan.You’ll have more money in your budget every month.There are some notable benefits to paying off your car loan earlier than expected: Total interest savings: The amount you’ll save in interest if you make the additional payments suggested by the calculator.īenefits of Paying Off Your Car Loan Early.Loan term shortened by: The number of months your loan would be reduced by if you increased your payment amount.Current monthly payment: This is how much you’re currently paying toward your loan every month.Increased monthly payment: The amount you want to increase your monthly car payment (if applicable).Remaining months: The number of months you have left on your loan.Annual percentage rate (APR): This is the auto loan interest rate you agreed to pay, expressed as an annualized percentage, including any applicable lender fees.For example, 60 months is a common auto loan term. Loan term: The amount of time (in months) over which you agreed to pay back the amount you borrowed.
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On Consumers Credit Union's Website How to Use This Car Loan Payoff Calculator
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