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How much extra should I put toward my car loan each month?
I want to pay my car loan off early, but I'm not sure how much I should put toward the principal. What's a good amount?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The amount of extra money you put toward a
car loan
is entirely based on your financial situation. If you have some extra cash to throw at the principal, go for it. If you don’t, save the money for other bills or expenses.There is no ideal percentage or dollar amount as it’s mainly about what you can afford. Don’t overextend yourself or carry other debt just so you can pay off your car loan faster—but don’t spend frivolously, either.
One way to cut down on your expenses is to find savings on your car insurance. The
Jerry
app will find you the best rates from up to 50 providers and help you switch—so you can use the money you’ve saved towards your car loan.View full answer
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