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How paying the principal affects your car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and to compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial offerings that could be accessible to you.



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3 minutes read. Published September 27, 2022
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The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched and concise data that takes complicated topics into bite-sized pieces.







Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student expert in financial aid

Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as 529 plans, scholarships as well as tax benefits for education and student loans.









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The process of paying down the principal of your car loan can be a good method to build equity in your car. In most cases, you must indicate your lender that the money is to be made only to the principal, whether online or over the phone. Each lender has its own process however, and not all accept principal-only payments. What is a principal-only vehicle payment? A principal-only vehicle payment is a payment that goes solely toward the principle balance on your car loan and is not part of your normal monthly payment. It is the principal sum you initially borrowed without any additional interest. The purpose of this additional payment is to accelerate your repayment of the loan. Each and every payment you make that is only to your principal will build equity in your vehicle. As you build equity in your car you are closer to owning the car outright. This also lowers the chance of owing more than your car is worth. It is or getting on the loan. How to pay down the principal of a car loan The principal-only option for your car is a good way to pay off your loan quicker. While it's not the same with all lenders, you will likely need to directly notify the lender that the payment is to pay the principal amount only, not an earlier payment for the following installment. Make sure to check with your lender to see whether they allow this kind of payment and how you can go about making one. If your lender does not offer the option to make a principal-only loan but you could still be able to pay your loan faster. How to pay down your car loan quicker If you aren't able to make principal-only payments, you may still be able to make payments towards your vehicle loan . Make sure your lender isn't charging before making additional payments. Make biweekly installments There's a chance that you won't have enough money to make a whole payment twice a month but making a half payment every other week can cut down on the amount of interest that is paid based on the way it's calculated. This only works out if it is a , as precomputed interest will be calculated the same regardless of when payments are made. Pay a little more than the minimum each month: Talk to your lender to find out if it allows this type of payment and how you can do it. Every little bit helps in getting rid of the loan more quickly. Make extra lump-sum payments: If you get an extra bonus or tax refund or tax refund, you can use it toward your car loan if it wouldn't be better spent somewhere else. How the principal amount of an auto loan affects your credit A car loan could appear to be a great option at first. But paying down your loan earlier, particularly in the short-term, can . In the short term, your score may drop by a few points, but in the long term, it could improve if you've got a high debt-to-income ratio. Other factors, like your credit mix and the history of your payments, could impact your score. To determine whether the idea of paying the car loan early is the best option for you, consider the followingfactors: Your credit mix: Paying your auto loan early will show lenders that you can manage your debt in a responsible manner. However, your credit mixthe various credit accounts you hold like the car loan as well as credit cards and more -- may suffer in the event that the car loan is the only installment loan. Your credit history If you're able to pay off your car loan early can reduce the number of payments that you make regularly, but it's not as significant of an impact as revolving loans. Your ratio of debt-to income: Your debt-to earnings ratio is a different aspect that determines the amount of you owe in comparison to your earnings. The process of paying down a car loan may improve your DTI ratio and help to increase your credit score over time. How to lower your monthly car payments If you're trying to get a principal-only loan, it won't help, since it does not reduce your minimum monthly payment. However, there are a several options to reduce your monthly car payment. Refinance If your credit is improving or you can find an interest rate that is better, can and potentially help you pay it off more quickly. When you refinance your auto loan You take out an entirely new loan with a different lender to pay the existing loan off. This is why it's crucial to shop around and find the best deal possible to reduce the total amount of your loan and your monthly payment. Modify your loan It is also possible to talk with your current lender regarding . Your lender may be willing alter the conditions that apply to the loan for the purpose of making your monthly payments more affordable. One way to do this is by extending your loan duration. However, this will result in paying more interest in the long run. Trade or sell your car Another method to lower your payment is to get into a cheaper vehicle. Trading in your current vehicle as well as selling the vehicle privately will get you the funds to make a down payment. From there you can find a car that better fits your budget and search for the best car loan available. The main thing to consider is paying down the principal on your vehicle loan is a great way to build equity. If your lender will accept extra principal installments, then you can make them at any time you'd like. Find out more


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Written by

This article was written using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances with concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.






Auto loans editor


Review by Mark Kantrowtziz. Reviewed by Nationally acknowledged Student Financial Aid expert

Mark Kantrowitz is an expert on student financial aid The FAFSA as well as scholarships, 529 plans educational tax benefits, student loans.






Nationally acknowledged expert in student financial aid




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