Should You Pay off Your Car Loan Early?

Popular wisdom says anytime you can pay off a debt early you should do so. However, there are some instances in which you shouldn’t end a car loan early. Let’s take a look at some of the arguments for doing so and some key reasons against it.

For: Keeps You “Right Side Up” in the Loan

In some cases, if a car loan is allowed to run its full term, you could wind up owing more than the car’s fair market value. Known as being “upside down” in your loan, repaying it before it goes to term will almost always help you avoid this situation.…

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