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Is there any benefit to doubling up on your car loan payments each month?
I was thinking of paying double the amount of my monthly car note. Is there any benefit to doing so?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Doubling the amount you put toward your car loan is a great idea to save money. However, you’ll need to make two separate payments to maximize your savings.
First, you should pay your normal car note on the day it’s due. Then, make a separate payment that goes straight toward the principal, known as a principal-only payment. By doing so, you can pay your loan off faster and put more money in your pocket.
To add to your savings, you might also want to shop for
car insurance quotes online
to get the best bang for your buck.”View full answer
- Gregory R.
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