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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 mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare data for free — so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as, 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. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be available to you.

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3 min read Published September 27 2022

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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 vehicle. Usually, you will need to indicate that to your lender that the payment is only going to the principal, either online or over the phone. Each lender uses its own method, though, and some do not allow principal-only payments. What is a principal-only vehicle payment? A principal-only vehicle payment is a loan payment that is only towards the principal balance of your car loan and is separate from the regular monthly installment. The principal is the amount that you borrowed initially, but without any additional interest. The purpose of this additional payment is to accelerate repayment of the debt. Each payment made only to your principal will build equity in your car. When you accumulate equity in your car, you get closer to owning it outright. Also, it reduces the possibility of owing more than your vehicle is worth — also called being on the loan. How to pay off the principal on a car loan Making a principal-only payment on your car is a great way to pay off your debt more quickly. Although it’s not the same with every lender, you’ll likely need to directly notify the lender that this payment is made for the principal balance only, not an earlier payment for the following installment. Contact your lender to determine if it allows this type of payment and how you can proceed to make it. If your lender doesn’t allow you to make a principal-only payment however, you might be able to pay down your loan more quickly. How can you pay off your car loan quicker If you aren’t able to pay in principal-only installments, you may still be able to get rid of your auto loan . Make sure your lender isn’t charging before making any additional payments. Plan biweekly payments: You may not have enough money to pay for a complete payment every month but a half payment every other week can cut down on the overall interest paid depending on the way it’s calculated. It only works if it is a , as precomputed interest will be applied the same regardless of the time when payments are made. You should make a bit more than the minimum amount each month: Check with your lender to determine if it allows this type of payment and how you can do it. Every little bit counts when it comes to making the loan faster. Pay extra lump-sum installments in the event of the benefit of a tax refund or bonus, you can put it towards your car loan in the event that it is better put somewhere else. How paying down the principal of the car loan impacts your credit score The process of paying down a car loan might seem like a good idea initially. However, paying off your loan quickly, particularly in the short term can . In the short-term your score could drop by a few points, but over the long haul you could see it increase if you have an excessive debt-to-income ratio. Other factors, such as your credit score and payment history, may affect your score. To help determine whether the idea of paying off your car loan early is the best option for you, think about the following: Your credit mix: Paying your auto loan early will show lenders that you can manage your debt well. However, your credit mixthat is, the different credit accounts you have, such as the car loan, credit cards and others — could suffer if the car loan is your sole installment loan. Your credit history When you pay off a car loan early reduces the number of regular payments, but it’s not as significant of an impact on your credit score as revolving debt. Your debt-to-income ratio: Your debt to income ratio is another important aspect that determines the amount of you owe in comparison to your earnings. Making a payment on a car loan could improve your DTI ratio and increase your credit score over time. How can you lower your monthly car payment If you’re trying to pay in full, a payment that is solely for principal will not help, as it doesn’t reduce your minimum monthly payment. But, there are several options to reduce your monthly car payments. Refinance your loan if your credit is improving or you can find an attractive interest rate could help you pay it off quicker. When you refinance your auto loan you get the new loan with a different lender to pay your present loan off. This means it’s important to research and locate the most affordable deal to reduce the total cost of your loan and monthly payments. Modify your loan You may also speak with your current lender regarding . Your lender might be willing to modify the conditions that apply to the loan so that you can make monthly payments less expensive. One way to do this is by extending the loan duration. But doing so will mean paying more interest over the course of time. Trade or sell your car Another way to lower the cost of your loan is to move into a cheaper car. Trading in your current vehicle and/or selling your car privately can provide you with the money needed for a down payment. Then, you can locate an automobile that is more suitable for your budget, and then shop for the most affordable auto loan available. The final point is that paying down the principal amount on your car loan is a great way to build equity. If your lender will accept additional principal payments, you can make them at any time you’d like. Find out more

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Written by

This article was written with the help of automation technology, and then edited and fact-checked by an editor from our editorial team.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to take control of their finances through providing concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.

Auto loans editor

Reviewed 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, education tax benefits and student loans.

Nationally recognized student financial aid expert

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