Get Great Money Saving Tips by Subscribing Now:
Here are some sample money saving tips I will be sending when you subscribe to the MrBargain Canada car loan money saving newsletter:
- Round Up Your Payments
Round your payment up to the next *large* number. Paying a few dollars extra each month will help you get your debt paid down faster. For example, if your monthly Canada car loan payments are $374, round out your payments to an even $400 / month.
- Make Extra Payments
Have some extra money? Consider using it to pay down your Canada car loan. Extra money can be when you get a work bonus, a tax refund, or receive some unexpected money which only ever happens to other people, am I right?. All extra money that you pay on a loan or mortgage goes straight to paying down your principal balance. As long as your payments are up to date, no part of your extra payment will ever go to interest. This is because your regular monthly payments pay the interest. Anything extra that you pay goes straight to reducing your loan or mortgage balance. This gets your Canada car loan paid off faster and saves you paying the bank more interest.
- Buy a Quality Used Car Rather than a New One
A new $25,000 car can lose about $13,000 of value in the first four years you own it. Save yourself thousands of dollars and buy a quality used car rather than a new one. The money you save can help you get out of debt much faster.