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Understanding Auto Loans
When financing a vehicle purchase, it's crucial to understand how loan terms affect your payments. Longer loan terms typically mean lower monthly payments but higher total interest costs. Always compare offers from multiple lenders and consider making a larger down payment to reduce your loan amount.
Accelerating Loan Payoff
Making extra payments on your auto loan can significantly reduce the total interest paid and shorten the loan term. Even small additional amounts applied directly to the principal can make a big difference over time. Consider budgeting for extra payments or using windfalls like tax refunds to pay down your loan faster.