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How do I pay off a $10,000 car loan in less than a year?
I want to pay off my car loan completely and reach my goal of being debt-free in the next 12 months. How can I pay off a $10,000 car loan in this amount of time?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a lofty but admirable goal! If you want to pay off a $10,000
car loan
in a year, you’re going to have to make some sacrifices. In order to pay off the loan quickly without compromising your financial health, you’ll need to tap into your savings or make at least $50,000 a year. If neither of these applies to you, don’t stress. You can still work toward going debt-free, but it may take over a year.
Try these tips to pay off your loan more quickly:
- Double or triple up on monthly payments
- Make several principal-only payments during the year
- Add an extra $100 to your car loan each week
- Pay a large lump-sum payment quarterly (or as frequently as necessary)
By sticking to one of the strategies above, you can pay off your $10,000 loan quickly—just don’t forget about other expenses, such as gas, maintenance, and
car insurance
. Jerry
can help you save hundreds on your car insurance with just a few swipes and clicks.View full answer
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