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1. Know Your Car Loan Balance and Interest Rate
You can’t pay off your car loan faster if you don’t even know what you owe.
Think of this as knowing your enemy before the battle. And interest is definitely the enemy here.
Check your balance right now using your lender’s online portal.
Look for the interest rate, because that’s what’s secretly eating your wallet.
See how much of each payment actually goes to principal vs. interest. That’s your clue to make real progress.
👉 Here's How You'll Do It: Log into your loan account, note your balance and interest rate, and write them on a sticky note you’ll actually see.
Make It Easy: Consider using a loan payment tracker notebook to visualize how much you’ve paid off each month.
2. Make One Extra Payment Every Month
This one’s the secret weapon of every debt-free person you’ve seen brag online.
One extra payment a month can cut months (or even years) off your loan.
Treat it like a subscription. Just one “bonus” car payment every 30 days.
Split your payment in two every paycheck to make it painless.
Watch the interest drop because you’re hitting the principal harder each time.
👉 Here's How You'll Do It: Divide your monthly payment in half and pay it every two weeks. That equals one full extra payment per year.
Make It Easy: Keep a calendar payment reminder pad near your workspace to check off each payment.
3. Pay More Than the Minimum Every Month
Minimum payments are like running on a treadmill. Lots of effort, zero movement.
Even $20–$50 extra each month can save you hundreds in interest.
Add a small fixed amount to your payment every month and stick with it.
Round up your payments (if it’s $327, make it $350).
Use the debt snowball method. Pay extra on your smallest balance first to stay motivated.
👉 Here's How You'll Do It: Log into your lender’s portal and set your recurring payment amount slightly higher than required, even if it’s $25 extra.
4. Use Tax Refunds or Bonus Money to Pay Down the Loan
Got a tax refund or work bonus? Congrats. That’s your car loan’s worst nightmare.
Instead of splurging on random Amazon buys, drop it straight into your balance.
Apply it immediately to your loan principal, not the next payment.
Ask your lender to ensure it goes toward principal only.
Celebrate because this move saves you months of payments down the road.
👉 Here's How You'll Do It: Take any refund or bonus this year and make a one-time extra payment labeled “principal only.”
5. Cut Small Expenses and Add That Money to Your Car Payment
Every $10 latte or $30 delivery adds up faster than your gas bill.
Redirect that money into your car payment, and you’ll watch your balance melt away like butter in Miami heat.
Cancel unused subscriptions and reroute that cash automatically.
Cook more at home and send the “eating out” savings straight to your loan.
Use cashback apps for groceries or gas, and apply those rewards to your car balance.
👉 Here's How You'll Do It: Track your weekly spending, find one expense to cut, and send that amount directly to your next car payment.
Make It Easy: Keep a budget envelope wallet where you stash what you save from cutting expenses.
6. Sell Unused Items and Pay Off a Chunk of the Loan
You probably have stuff sitting around collecting dust that could easily become extra cash.
Old tech, furniture, or clothes. They’re basically little debt payments waiting to happen.
List your items on Facebook Marketplace, Poshmark, or eBay this weekend.
Price fairly, so they sell fast instead of sitting for months.
Send every dollar straight toward your loan principal for a quick win.
👉 Here's How You'll Do It: Declutter one closet, sell three unused items, and use that cash to make an extra payment this week.
7. Take a Simple Side Job to Pay Off the Car Loan Even Faster
If your car takes you to work, it can also help pay itself off. Poetic, right?
You don’t need a full-blown second job; a few side gigs can do the trick.
Drive for Uber, DoorDash, or Instacart during weekends or slow evenings.
Use your skills for quick jobs on TaskRabbit or Fiverr.
Send all that side cash directly to your car loan, no exceptions.
👉 Here's How You'll Do It: Pick one side gig you can start this weekend and dedicate every payment to your car loan.
Make It Easy: Try DoorDash if you want flexible hours and fast extra cash.
8. Don’t Buy Extras Like Extended Warranties
Those “add-on” warranties and dealer upgrades are basically interest traps dressed in shiny paper.
They sound nice, but they cost more in the long run than they save.
Skip the extended warranty unless you’ve fully researched it.
Say no to dealer add-ons like paint protection or fancy floor mats.
Keep your focus on getting rid of your loan, not adding more to it.
👉 Here's How You'll Do It: Politely decline dealer upsells and remind yourself that every dollar saved is one step closer to freedom.
Make It Easy: Use Insurify to find better auto insurance instead of paying for overpriced dealer coverage.
9. Don’t Extend Your Loan Term
Extending your loan might make payments smaller, but it’s a long-term money trap.
You end up paying more in interest. And the car’s value keeps dropping while you still owe.
Avoid refinancing for longer terms just to “save” on monthly payments.
Focus on shortening the loan if you refinance instead.
Remember: cheaper monthly payments don’t mean cheaper overall.
👉 Here's How You'll Do It: When considering refinancing, choose a shorter term to pay less interest and finish faster.
Make It Easy: Try LendingTree to find short-term refinance options with lower interest rates.
10. Avoid New Debt Whatsoever
You can’t get ahead if you keep adding new bills to the mix.
Every new debt slows down your payoff. Like trying to run a race with ankle weights.
Hold off on big purchases until your current loan’s done.
Cut up or hide credit cards if they tempt you.
Focus all your energy on knocking out your car debt first.
👉 Here's How You'll Do It: Create a “no new debt” rule until your car’s paid off and track your debt-free countdown.
Hey, I'm Lily! I'm a mom who's really good at two things: stretching a dollar and talking about stretching a dollar. I created Money Vice after one too many grocery trips where I watched my total climb and thought, "There's gotta be a better way." Spoiler: there is. Think of me as your money-savvy friend who's always got a tip (and coffee in hand).
