The Auto Loan Payoff Calculator will help you to calculate the amount of interest that you will save by paying your auto loan off early. This may be achieved by increasing the monthly payment that you make so that the extra money is directly deducted from your loan balance.
Most auto loan lenders allow borrowers to prepay on the principal balance of their loan without a prepayment penalty. If you can manage to either increase your payments or apply a lump sum you may receive toward the principal balance, you should think about doing so.
Paying off the auto loan early shortens the period of time that the loan is in place and also decreases the total amount of interest that you will pay on the loan in the long run. While it may be difficult to part with a larger sum up front, paying off your loan early can potentially save you thousands of dollars overall.
How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!
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