Before you pay extra on the car loan
5 PM Money Room check-in.
Paying off a car loan early can feel amazing, especially when you are ready to free up that monthly payment. But before sending extra money, it helps to understand the loan terms and make sure the extra payment is actually working the way you want it to.
If your car payment disappeared, where would you want that money to go next?
Debt payoff
Emergency fund
Investing
Business savings
Sometimes the motivation to pay something off gets stronger when you know what comes after it.
Comment with the next job you would give that payment.
And if paying off a car loan early is on your list, start here:
https://www.risingandthriving.com/post/pay-off-a-car-loan-early-without-prepayment-penalties
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