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Why it can be a smart idea to pay off car loan early

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Isaac Diaz, who turned 40 in June, has kicked his plan to pay off his car loan into overdrive. 

“Right now, I’m focused on paying my car off,” Diaz says. “I’m so happy because I’m only a few months removed from paying this thing off.”

Diaz owns a 2013 Acura TSX that he refinanced in 2019 for $15,249 after buying it used a few years prior. At the end of April, he had about $4,999 remaining on his loan. But over the last few months, Diaz has managed to shave off almost $2,000, bringing his loan balance to just $2,999 as of June 24.

Typically, his car payment is $371 a month, but recently, Diaz has been paying about $630 extra every month to bring it to an even $1,000 and help him get rid of…



Source cnbc.com

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