That initial high after your car loan has been approved and you've purchased your new car is wonderful, but it doesn't take long for the euphoria to wear off and for the reality of all that debt to come crashing in on you. Obviously, the ideal situation is to have your loan paid off as quickly as possible, but the question of how to make this happen is often a more difficult one. There are a few tricks to paying off your car loan at a faster rate, but these require dedication and planning. Here are some tips and tricks you may want to consider before getting a car loan, and while you're trying to pay it back!
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Before
Before you commit to one loan product or another, do your research! The human brain is a fascinating yet treacherous organ, as it can make poor decisions when overridden by extreme desire--you know, like when you look at a shiny new car that you've always wanted but can't quite afford? Research not only informs you as to the different options available, but it forces you to take time to consider before jumping into a decision. Forewarned is forearmed, and you need to find a loan that not only allows you to get what you want, but one that doesn't cripple you down the track. The only way to calculate the value of loan is to think long term. You need to add up the amount you'll be paying, including interest, account fees and registration costs over the entire term of the loan, and only then can you compare products. Do not be seduced by fast cash or by assuring yourself that you'll be in a better financial position down the line so the fees won;t matter--judge based on the worst-case scenario and you may be pleasantly surprised!
Paying More, More Often
Obviously, the easiest way to pay back your loan faster is to make payments more frequently, of more than the minimum amount. Check that your loan doesn't include penalties for early repayment however--this is one way that seemingly 'low interest' loans can bleed you dry, because they ensure you're ties up paying interest for the entirety of the term. Even if you calculate the amount you usually pay monthly, divide it in half and pay it fortnightly instead, you'll be saving on interest. Over the course of a year, those fortnightly repayments equate to an extra monthly payment, which means you save on interest, and every little bit counts in the race to financial freedom!
Car loans are often necessary to buy the vehicles we want, but because of a car's quick rate of depreciation, it is advisable to have them paid off in the shortest time possible. Following these tips and being prudent about the amount you borrow will ensure you're in the driver's seat of your finances.
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