See how much you may save with an early payoff
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Loan term shortened by
Total interest saving
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You may be able to afford a loan amount up to
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Your monthly payment would be
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Annual fuel savings with the new car
*APR is the Annual Percentage Rate or the cost of your credit at a yearly rate.
**Not including taxes and fees.
How an early payoff works
Most auto loans are simple interest loans in which interest on the principal balance – the amount your borrowed – is calculated daily. Increased or additional payments go only toward this principal, so the loan is paid off more quickly and less interest is charged.
Some lenders, such as RoadLoans, offer loans with no prepayment penalties that allow borrowers to pay off the loan early, if they wish, and reap the full benefits. Once you’ve done your calculations, you’ll have a better idea of what you want to do.
Finance with RoadLoans
Explore our website to learn more about auto financing with RoadLoans. If you’re ready for a new or used car loan, take a few minutes to complete our online application and get an instant decision.
- How to buy a car with RoadLoans during Coronavirus- The spread of Coronavirus (COVID-19) has restricted mobility for most of us, yet many people still need a car to perform the essentials. If you’re in the market for a vehicle, the good news is that there are dealerships still open for business and, for our part, RoadLoans remains ready to accept applications for credit. This is how our process works, along with tips for shopping and the benefits of online services during this time of social distancing. Applying for a loan As a full-spectrum lender, RoadLoans has experience working with customers with a wide range of credit, so even if your credit score has been affected by...
How do auto loans work?- Buying a car is one of the largest purchases you can make in life, which means researching the right model is usually top priority. While that’s important, so too is understanding the financing. Knowing how auto loans work will help you to find credit that offers best value for your needs. Auto loan arrangement An auto loan involves borrowing money from a lender that provides funds to pay for a vehicle up front. The borrower repays the debt in monthly installments, including interest, according to the agreed terms. Factors that affect an auto loan Three main factors affect the structure of an auto loan and how much the...
How to pay off a car early and save money- Think what you might do with no auto payments in your budget. Take more vacations, enjoy more evenings out or build up a savings pot for the future, perhaps. Whatever it is, pay off your car early and not only is that debt behind you, but you may have made a decent saving in interest charges, too.* There are several common approaches to paying off a vehicle early, which center on the following: more frequent payments regular extra payments an occasional large payment a combination of the above options refinancing Start by getting familiar with the details of your current contract, such as the amount, term and annual...