Paying off your car loan early will save you hundreds of dollars in interest charges, eliminate a monthly expense, and increase your credit score as your rate of debt to income goes down. Plus, you’ll get a real sense of accomplishment knowing that your car is completely yours, free and clear. 1. First do your homework Review your loan paperwork before you start. Most car loans are simple interest loans. That is, the interest accrues during the life of the loan, so paying it off early will save you a lot of money. In a precomputed interest loan, on the … Continue reading →