Find out how fast you can pay off your car loan with extra or biweekly payments, and how much interest you’ll save.
What if you paid a different extra amount?
| Extra per month | Paid off in | Months cut | Total interest | Interest saved |
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How to use the Car Loan Payoff Calculator
- Enter the remaining balance, APR and number of months left on your auto loan.
- Add an extra amount per month, a one-time lump sum, or tick biweekly payments (half a payment every two weeks).
- See the new payoff date, the months cut and the interest saved compared with paying as scheduled.
About this tool
Car loans are short compared with mortgages, but the same rule applies: anything above the required payment reduces principal and the interest that would have been charged on it. Because most auto loans use simple interest with no prepayment penalty, extra payments are applied immediately.
Biweekly payments work because there are 26 two-week periods in a year: paying half your monthly payment every two weeks means 13 full payments a year instead of 12. The calculator models this as one extra monthly payment spread across the year. Check that your lender applies partial payments to principal rather than holding them until a full payment is received.
Frequently asked questions
Is it worth paying off a car loan early?
Usually yes if the APR is above what your savings earn, and always if the loan has no prepayment penalty. With a promotional 0% loan, keep the cash and pay on schedule.
Does paying extra lower my monthly payment?
No — the required payment stays the same; the loan simply ends sooner. Some lenders will re-amortize (lower the payment) on request, but that saves less interest.
Will paying off a car loan early hurt my credit score?
Closing an installment account can cause a small, temporary dip, but the interest saved almost always matters more. Your score recovers quickly.
What if my loan uses precomputed interest?
Some subprime auto loans precompute interest (the Rule of 78s). Extra payments then save less than shown here. Ask your lender if the loan is simple interest.