Can You Pay Off A Car Loan Early? How To Know + When It Makes Sense

Can you pay off a car loan early? Is it worth it? Learn about how to know whether you can pay off your loan ahead of schedule and whether doing so is the right move for you.

0:00 Intro
2:04 Prepayment penalty
2:14 Car loan interest calculator
5:20 Make sure you have an emergency fund
6:20 If you have the money

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DISCLAIMER:
This video is for educational purposes only. I am not a financial advisor. In order to make the best financial decision for you and your family, you still need to conduct your own research and seek the advice of a licensed professional if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Don’t make any decisions without doing your own research!

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#carloan #autoloan #debtfreecommunity

[barbarafallin]

I am paying my car off 3 years early, it was 28, 000 now I owe 8, 000 and that will be in February 2024 and I will be debt free, I can't wait

[ergosumadrieyl]

Girlll. I have a 2012 Ford Escape hybrid (Kelly blue book 5500$), my loan was for 16k$. I’ve spent 2 years paying 515 a month and it’s not even under 10k$ yet because the interest is like 21%💀 This shit is getting paid off today. Credit drop or not, ain’t nobody a cash cow🤡

[rodswanson]

I've watched 20 or 30 of theses how to video with the catchy title so you where the last one, and im glad I click you on yours was the best what caught me was your break down on the inflation rates it just made sense to me im paying my vehicle off tomorrow 10/20 21 thank you great delivery thank you JEN FOR THE WIN

[Ww.]

I have a 0% interest car loan and I’m paying it off early. No debt is always the goal

[Adam-uuql]

That helps thank you omg i paying 25 percent intrest and know i pay more monthly in interest then i do on the vehicle itself thats nuts im deopping a huge princpal payment asap

[maxbaugh]

Why TF does paying off a loan early *lower* one's credit score? Of more practical importance: how much does it lower the score by & how long does it stay down?

[kevinkidneyy]

rather pay off car loan 1st ! its easy to pay off credit cards and run that shit right back up haha . after you pay off your car you can now take the car payment and pay down credit card debt

[catherinekuntz]

My car loan is large which will go on my credit cards

[clarissaperez]

I am paying off my car tonight! I have promised myself not to get a car loan again. My car was 17k after tax and interest (7%) I got it at 18 when I joined the military in 2016. I lived in the middle of nowhere and I had one day to find one (someone offered to take me to buy one on their day off). I love the car still but having to pay $400 every month was a terrible idea for someone who made $1500 a month at the time 🤣 my situation is much better now but I will not go back. Cash cars only

[SaskatchewanBadAss]

Im doin everything i can to pay it off early as id love to put the 400$ payment into my house fund. Its only .9% but the cash flow means i can get a downpayment id be happy with before im 30. Im 26 an lucky enough to be at home while I save. No one will rent to a 26yr old with a 150lb dog 😂

[bossmanxll]

i have question i own 27k car loan with 4.99% interest. should i pay off this quick because my credit will go down if i pay off quick

[ccap]

I can’t believe paying of a car loan would lower our credit score! I have an unrelated question and it’s probably a stupid one but I have a credit card with 22 percent interest and also have another new one that I just did a balance transfer on from an older card with high interest. The balance transfer is for 18 months with no interest. My question is which card should I focus on paying off first? I would think the balance transfer so I can get it paid off before the 18 months ends and the high interest comes back. Would that be correct?

[GigiDelaRua]

Refinanced my car n my interest rate is now 3.84% I still owe 9K … great advice I think I’m gonna work on my emergency fund instead of paying off my car

[k.b.s]

I'm praying 360 at 4.67 apr. I'm giving 500 monthly should I split them 250 bi weekely?