Skip to content
FinPins

FinPins

be finlightened

  • Home
    • FREE Personal Finance Course
    • Home
    • Promotions
    • Financial Literacy Quiz With Answers [2023] – Super Easy?
    • About Us
    • Newsletter
  • Invest
    • Invest In Bitcoin?
    • How and Where to Start Investing?
    • Which is the Best Investment App?
    • How To Buy Your First Stock
    • Stock Basics
    • Stock Order Types
    • What is ETF?
    • ETF vs Stock
    • ETF vs Mutual Fund
    • Alternative Investing
    • Fractional Shares
    • Dividends Explained
    • Inflation vs Investing
    • M1: Create Portfolio
    • How To Invest $20?
  • Debt
    • Game of Loans: Is All Debt Bad?
    • Mortgage: Affording, Investing, Paying Off
    • My Loan Payoff Story
    • Is MBA Worth It?
  • Calculators
    • Student Loan Payoff Calculator
    • Mortgage Payoff Calculator
    • CAGR Calculator: Compound Annual Growth Rate
    • Reverse CAGR Calculator
  • BLOG
    • Web Stories
    • Stock Market Today
    • See NEWEST Posts
    • 19 Best Personal Finance Reddit Communities You Should Join
    • How to Build a Budget
    • 27 Best Personal Finance Books To Read
    • What is Metaverse? 18 Good Metaverse Stocks to Buy
    • DiversyFund vs Fundrise: Invest Affordable Amounts (as low as $500) in Real Estate
    • Cash Flow and Budgeting: 1 Easy and Powerful Budgeting Strategy
    • MFAANG – Tech Stocks
    • 9 Powerful Ideas on How To Make Money Online For Beginners
    • Invest In Apple Or Buy iPhone?
    • Retirement Strategy: 401(k) Mistakes to Avoid
    • Roth IRA vs 401(k): How to Choose
  • Stock Options
    • Stock Options: 5-Minute Guide
    • Call vs Put Options
    • Options Trading Levels
    • Options Greeks Cheat Sheet
    • Options Trading Quiz For Beginners
    • Straddle vs Strangle Options
    • Choose Your Options Strategy Wisely
    • Options Trading Cheat Sheet
  • Credit Cards
    • How to Use Credit Card Responsibly
    • How To Read A Credit Card Statement
    • FICO Credit Score Explained
    • Credit Card Mistakes To Avoid
    • 12 Best Credit Cards For Millennials
    • 10 Best Credit Cards For Ad Spend
    • 12 Best Credit Cards For Farmers
    • 11 Best Credit Cards For Digital Nomads
    • 10 Best Credit Repair Books
    • 9 Best Business Credit Cards for Construction Companies
    • 8 Best Credit Cards for Nurses
    • 4 Best Credit Cards For Nannies
    • 9 Best Credit Cards for Wedding Expenses
    • 10 Best Credit Cards For Consultants
    • 6 Best Credit Cards for Traveling Consultants
    • How Do Business Credit Cards Work?
    • 8 Best Credit Cards For Teachers
    • 8 Best Credit Cards For Golf Lovers
  • Tech
    • How To Use ChatGPT
    • ChatGPT Examples
    • How To Make Money With ChatGPT
    • 12 Best AI Story Generators
    • 12 Best AI Video Generators From Text
    • 8 Best AI Video Enhancers And Editors
    • 20 Best AI Art Generators From Text
    • 40 Best AI Writing Tools
    • Digital Tools For Business
  • Toggle search form
HOW TO SAVE MONEY ON AUTO LOAN

5 Cool Tips To Save Money On Your Auto Loan

Posted on By Sumeet Sinha, MBA

How to Save Money on Your Auto Loan

Some people purchase cars for cash to own them outright and avoid taking out loans. However, that isn’t always in the cards for everyone. New and pre-owned vehicle costs are almost out of hand these days. For example, according to research, the average price for a used ride was $28,205 when 2021 came to a close. Meanwhile, people who bought brand-new autos off car lots or showroom floors spent around $37,876 across the United States in 2021.

With such high-dollar expenses, it’s easy to see why people need auto loans, but before you sign on with just any bank, credit union, or lender, you’re going to want to make sure you’ll be getting the best deal. So, use these tips and tricks to learn to save money on your auto loan.

  • 1. Consider Refinancing an Existing Auto Loan
  • 2. Check and Improve Your Credit Score
  • 3. Shop Around for Car Loans
  • 4. Save a Large Down Payment
  • 5. Round-Up Those Payments

1. Consider Refinancing an Existing Auto Loan

Did you already get financed for a car? If that’s the case, all may not be lost if you didn’t get a stellar deal. You can perform a quick refinance auto loan search and find a company to help you in case you need it.

That could save you money by lowering your interest rate. Then, you won’t pay as much all the way around. Of course, you could also refinance for a longer period. That can drop the price of your monthly note, leaving you with more cash in your pocket.

2. Check and Improve Your Credit Score

If car shopping is on the agenda soon, you should probably check your credit score first. There are various online platforms to complete this deed and see where your numbers stand. Consumers can buy vehicles with poor credit, no credit, or excellent credit. However, to save money, it is best to have a score of around 700.

People with credit scores between 650 and 699 often receive rates double what top-of-the-line borrowers obtain. Then, as for those with scores that fall between 450 and 659, their interest rates can be up to three times higher than those with good credit.

Therefore, if you discover your score has dipped below 700, think about improving the number before applying for an auto loan, as that could save you quite a bit of money. There are various ways to improve one’s credit, including:

  • Paying bills on time
  • Paying down balances
  • Paying off debt with debt collectors
  • Limiting new lines of credit

3. Shop Around for Car Loans

There are different ways to get auto loans, and gone are the days when consumers just showed up at dealerships and expected the employees to get them approved for financing. Now, people can shop around more easily than ever, and they can do it on their own, thanks to the internet and smartphones. Hence, if you have those resources, save some money by getting multiple quotes and comparing rates offered by different lenders.

4. Save a Large Down Payment

The more money you can spend on your car upfront, the better off you’ll be. When people finance large auto loans, they repay way more than they borrow because of interest. Therefore, if you don’t want that fate bestowed upon you, the time to start saving is now. Put some cash away whenever you can for a down payment. Every little bit here and there will help.

Then, when you eventually have the amount you want, head to the car lot to get financed. However, do yourself a favor and avoid telling the employees how much money you’re working with because that could get you taken advantage of.

5. Round-Up Those Payments

How much do you spend on your car payment each month? Is it an uneven number, like $325.93? You can always pay the bare minimum and get by without any problems, but there is also another solution. When you’re able, round up your payments to $350 or even $400.

Be sure to discuss this matter with the lender first, though. You’ll want to make sure the extra money is going toward the loan’s principal. Instead of paying your loan off early, all you might do is extend the term limits if the amount doesn’t go to that.

The Bottom Line

Many people rely on auto loans to purchase new and pre-owned vehicles. The financing helps them obtain the vehicles they need to go about their daily lives. However, even though you might need a car loan to buy a vehicle at some point, you likely won’t want to overpay when it comes to repaying it. So, use these tips to save money and ensure you don’t encounter financial issues or monetary woes later on.

Save Money On Your Auto Loan

Read Also: Beginner’s Guide To Personal Finance, Best Personal Finance Books


sumeet sinha as seen on washington post us news yahoo finance

Fresh from the Blog

  • PARTY RENTAL INSURANCE
    9 Best Party Rental Insurance Companies
  • Best Golf Cart Rental Insurance Companies
    8 Best Golf Cart Rental Insurance Companies
  • exotic car rental insurance
    10 Best Exotic Car Rental Insurance Companies
  • BEST SAILBOAT INSURANCE
    10 Best Sailboat Insurance Companies
  • Jet Ski Rental Insurance
    9 Best Jet Ski Rental Insurance Companies
  • DRONE INSURANCE FOR HOBBY DRONES
    Hobby Drone Insurance: 8 Best Drone Insurance Companies for Hobby Drones
  • HIGH PERFORMANCE BOAT INSURANCE
    9 Best High Performance Boat Insurance Companies
  • COMMERCIAL BOAT INSURANCE
    10 Best Commercial Boat Insurance Companies
  • BOAT INSURANCE
    Boat Insurance Explained: 12 Best Boat Insurance Companies
  • MAKE MONEY WITH CHATGPT
    How To Make Money With ChatGPT: 5 Easy Ideas For Beginners
  • best digital tools for your business
    Digital Tools For Business: Top 4 Essential Tools You Need in 2023
  • CHATGPT EXAMPLES QUESTIONS ANSWERED BY CHATGPT
    ChatGPT Examples: 25 Interesting Questions Answered By ChatGPT

Read more:

Stocks, ETFs, Mutual Funds, Bitcoins
Alternative Investing, Dividends, Stock Options, Credit Cards

Home | BLOG | WebStories

Useful Tools: Student Loan Payoff Calculator | Mortgage Payoff Calculator

Useful Tools: CAGR Calculator | Reverse CAGR Calculator

EARLY LOAN PAYOFF CALCULATOR, LOAN CALCULATOR APP BY SUMEET SINHA

PayItOff – Loan Calculator

https://apps.apple.com/lu/app/payitoff-loan-calculator/id1625456884

Page Contents

  • How to Save Money on Your Auto Loan
  • 1. Consider Refinancing an Existing Auto Loan
  • 2. Check and Improve Your Credit Score
  • 3. Shop Around for Car Loans
  • 4. Save a Large Down Payment
  • 5. Round-Up Those Payments
  • The Bottom Line
  • Fresh from the Blog
    • PayItOff – Loan Calculator
Debt Management

Post navigation

Previous Post: Solana NFT Marketplace: 12 Best Places to Buy NFTs With SOL Token
Next Post: How to Build a Budget and Stick to It [Plus 4 Best Budgeting Apps]

Related Posts

  • BENEFITS OF obtaining A PERSONAL LOAN
    8 Cool Benefits of Obtaining A Personal Loan – When to Consider It? Debt Management
  • BEST CREDIT REPAIR BOOKS
    10 Best Credit Repair Books For DIY Credit Repair [2023] Debt Management
  • financial habits
    5 Must-Have Habits for Students’ Financial Well Being, and 4 to Avoid General
  • student loan payoff
    Student Loan Payoff: How I Successfully Paid Off HUGE $100K Loan in 26 Months Debt Management
  • personal loan for bad credit
    3 Useful Tips To Get A Personal Loan With A Low Credit Score Debt Management

Loan Calculator – Extra Payments

Recent Posts

  • 9 Best Party Rental Insurance Companies
  • 8 Best Golf Cart Rental Insurance Companies
  • 10 Best Exotic Car Rental Insurance Companies
  • 10 Best Sailboat Insurance Companies
  • 9 Best Jet Ski Rental Insurance Companies
  • Hobby Drone Insurance: 8 Best Drone Insurance Companies for Hobby Drones
  • 9 Best High Performance Boat Insurance Companies
  • 10 Best Commercial Boat Insurance Companies
  • Boat Insurance Explained: 12 Best Boat Insurance Companies
  • Stock Options Trading For Beginners: Easy 5-Minute Guide
  • etf vs mutual fund
    ETF vs Mutual Fund Invest
  • BEST CREDIT CARDS FOR NURSES
    8 Best Credit Cards for Nurses [2023] Credit Cards
  • WHAT MUST AN ENTREPRENEUR ASSUME WHEN STARTING A BUSINESS
    What Must An Entrepreneur Assume When Starting A Business: 10 Useful Tips General
  • best personal finance books
    27 Best Personal Finance Books To Read General
  • BEST CREDIT REPAIR BOOKS
    10 Best Credit Repair Books For DIY Credit Repair [2023] Debt Management
  • HOW TO INVEST IN WEB 30
    How to Invest in Web 3.0 [Plus Easy Guide To Web 3.0] Invest
  • STARBUCKS CONSUMER VS INVESTOR
    Starbucks Consumer vs Investor: $4 Per Day In 5 Years Invest
  • COMMERCIAL BOAT INSURANCE
    10 Best Commercial Boat Insurance Companies Risk Management
  • MAKE MONEY WITH CHATGPT
    How To Make Money With ChatGPT: 5 Easy Ideas For Beginners Cash Flow
  • LEARN FINANCE THROUGH GAMING
    Learn Finance Through Gaming – What Can 4 Popular Games Teach Us? General

Disclosure & Disclaimer

We participate in Affiliate Programs (Amazon and others). We may earn a commission if you use links to open an account or make an investment or purchase.


All content on the website is for information purposes only, not investment advice. Please do your own research and analysis before investing.

Sitemap

Recent Posts

  • 9 Best Party Rental Insurance Companies
  • 8 Best Golf Cart Rental Insurance Companies
  • 10 Best Exotic Car Rental Insurance Companies
  • 10 Best Sailboat Insurance Companies
  • 9 Best Jet Ski Rental Insurance Companies
  • Hobby Drone Insurance: 8 Best Drone Insurance Companies for Hobby Drones
  • 9 Best High Performance Boat Insurance Companies
  • 10 Best Commercial Boat Insurance Companies
  • Boat Insurance Explained: 12 Best Boat Insurance Companies
  • How To Make Money With ChatGPT: 5 Easy Ideas For Beginners

Navigation

  • Home
  • About Us
  • Privacy Policy
  • Do Not Sell My Data
  • User Login
  • User Dashboard
  • Support
  • Calculators
  • BLOG
  • Financial Literacy Quiz
  • Web Stories

Categories

  • Cash Flow
  • Credit Cards
  • Debt Management
  • General
  • Invest
  • Mini Blogs
  • Risk Management
  • Stock Market Today
  • Stock Options
  • Tech

Reach Out To Us

contact@finlightened.com

With ❤️ From Luxembourg

Copyright © 2023 FinPins.com |

Powered by PressBook News Dark theme