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Does paying off a car loan early avoid interest? Paying extra each month takes focus and dedication, but eliminating debt faster is a great move when it comes to your financial hea;lth.
If you’re curious about how paying off a car early could benefit you, read the guide below for tips fro, the finance experts at McGrath Acura of Westmont:
Naperville drivers focused on saving money should consider paying off a car loan early. If you’re in a position to pay more on your auto loan each month without using credit, the benefits are definitely worth the cut out of your disposable income. That takes discipline, but remind yourself how much you can save in interest! If you need the motivation, our finance center team can help you calculate the exact dollar amount.
However, if your primary concern is raising your credit score, it’s actually a better idea to keep your loan open for the full term. When it comes to credit score, what happens when you pay off a car loan early? Your available credit will drop abruptly when you pay a loan off early. That can ding your credit score, because 30% of your score is based on credit utilization — the percentage of your credit limit that you are currently using.
Yes, you can save a bundle interest by paying off a car loan early. The sooner you wrap up your loan, the sooner interest stops accumulating! Paying early can be helpful if you’re considering a trade-in, because you’ll have more money to put toward a down payment on your next car. We’re happy to answer questions about trade-in value, and whether leasing vs. financing your next Acura vehicle is the best path for you.
Visit us in Westmont to discuss your financial goals with a finance expert, and check out all the ways Naperville drivers can save money with us. You can even find more finance features to help you such as how to remove a cosigner from a car loan. We’re proud to serve local drivers with new vehicle lease and finance specials and incentives!
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