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Paying off a car loan early can save you money — provided the lender doesn’t assess too large a prepayment penalty and you don’t have other high-interest debt. Even a few extra payments can ...
If you have some extra funds and are thinking about paying off your low-interest car loan, consider instead investing in your retirement fund or even buying a few stocks on your own. The average ...
4. Improve your credit score. Paying off debt decreases your credit utilization ratio, which is the amount of debt you owe relative to your overall available credit. Most lenders and issuers use ...
Before you decide to pay off your car loan early, know the direct and indirect disadvantages of doing so, including: Prepayment Penalty. Generally speaking, lenders don't want you to pay your loan ...
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One strategy for paying off your loan early is to cut your payment in half and pay 50% of your monthly tab every two weeks. This will give you 26 half-payments per year, which is 13 monthly ...
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