Does anyone have any tips for paying off your car faster?

I only owe $6k on it. I really want to pay it off before the end of the year to avoid the annual interest because mine is especially high

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uncalled4 · 56-60, M

All I can think of is if you can get a loan with better interest, try that, but it may not be the time to do that.

DeluxedEdition · 26-30, F

@uncalled4 I was really thinking about it but why do you think it’s not the time? I was looking into some other loans, but the problem is I will be paying more over the period of time with a lesser monthly payment.

Montanaman · M

@DeluxedEdition interest rates are astronomical rn.🙄

DeluxedEdition · 26-30, F

@Montanaman my annual is 23 that’s why I wanna hurry up and pay it Tf off 😭😭😭

thewindupbirdchronicles · 46-50, M

@DeluxedEdition As you can... just remember one thing, if you can, and I hope this is not the paradoxical thing that interest rates can be, maybe you might pay it off sooner than you would have and pay less than you would have? (No I'm not bringing up the compound interest calculator, more spinning *if* you can...)

DeluxedEdition · 26-30, F

@thewindupbirdchronicles [quote] pay it off sooner than you would have and pay less than you would have? [/quote]

Could you elaborate on this please? 🙂 🙏

thewindupbirdchronicles · 46-50, M

@DeluxedEdition Well, I can only elaborate money is finite.... What you have is what you have. But the more you put to the loan, even if it means not having this for a little time, think of what you might call a luxury, (I like my luxuries I admit), and even just put that much more to the loan, and you pay less in the end on the car. I'd love to, but I can't make money magically appear in your wallet, but I can remind you, as I'm reminding myself with debts, fuck the creditors... (priorities)

I'm just finding myself giving much more that way... working more, paying more... spending less... in ways I never imagined.

Slade · 56-60, M

@uncalled4 you could get extra student loans and pay it off.

The intetest will be deductible