How To Pay Off Your Car Faster In 2023

The new year is a great time to look at your finances and try to get on top of your bills and expenses. Outside of your mortgage, it’s normally car repayments that impact people’s budgets the most.

Here are some ways to pay off your car faster.

Increase your repayment frequency – if you’re paying off your car monthly, then by simply increasing that to fortnightly or weekly, you’ll end up making more repayments and paying down the loan faster.

Make lump sum repayments – if you find yourself with a large sum of money, like a bonus from work, consider putting some of that into your car loan. It will help reduce interest and allow you to pay it down faster.

Refinance your car loan – it’s possible to speak to your lender and negotiate a better interest rate or even refinance. Another option you could look at is consolidating some of your other debts with your car loan. Speak to a finance broker to compare your options.