There are some notable benefits to paying off your car loan earlier than expected: Total interest savings: The amount you’ll save in interest if you make the additional payments suggested by the calculator.īenefits of Paying Off Your Car Loan Early.Loan term shortened by: The number of months your loan would be reduced by if you increased your payment amount.Current monthly payment: This is how much you’re currently paying toward your loan every month. Increased monthly payment: The amount you want to increase your monthly car payment (if applicable).
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