National Debt Relief Shares Tips To Save Money On Car Loans
June 28, 2015 (PRLEAP.COM) Business NewsJune 28, 2015 - National Debt Relief recently shared in an article published June 18, 2015 how consumers can save some hard-earned cash when they take on auto loans. The article titled "Tips To Save Money On Your Car Loan" explains some of the ways consumers can save money when they start paying down their car loans.
The article start off in the article by highlighting the fact that getting a car loan to finance a new vehicle is a common practice among consumers. After all, this is an expensive purchase and not everyone can afford to pay in cash. But even if it is already an accepted practice, using an auto loan to finance it should be approached with caution.
When it spirals out of control, this can result to a big debt amount that will just keep on adding up increasing the payment and lowering the credit score. This is why the article shares some payment tips to help get through car payments as fast as possible. One of which is rounding up the monthly payment amount to the nearest higher amount.
The article explains that if the computed monthly payment amount comes to about $475, consumers can opt to round it off to $500 to make the payment amount easier to remember and to make extra monthly payments.The extra $25 might not look much compared to the total car loan amount but it will add up over the years.
Another one is to make additional lump sum payments when you get to have some excess in your budget. It can come from tax refund checks, performance bonus at work or even a friend finally paying up an old debt. The idea is to send it towards principal amount so consumers can pay off their loans faster and save interest payment in the process.
Looking for low interest rate can also help save money in the long run. This is possible if there are other lenders offering to finance the car loan at a lower rate especially if the consumer has improved credit scores from the time they first took out the car loan. To read the full article click this link: https://www.nationaldebtrelief.com/tips-to-save-money-on-your-car-loan/