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How paying the principal affects your car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing informative and objective content. This allows you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on this site, including such things as the order in which they may be displayed within the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could be open to you.



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3 min read Published September 27, 2022
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Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans as well as tax benefits for education and student loans.









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Paying down the principal on your car loan is a great way to quickly build equity in your vehicle. Usually, you will need to indicate to the lender that the payment is to be made only to the principal. This can be done online or over the phone. Each lender has their own procedure but some do not allow principal-only payments. What is a primary-only car payment? A principal-only car payment is a type of payment that goes exclusively towards the principal balance of your loan and is distinct from your normal monthly payment. It is the principal amount that you initially borrowed, without additional interest. The purpose of this additional payment is to help speed up payment of the debt. Each payment made only to your principal will build equity in your car. As you build equity in your car you'll be closer to owning it outright. This also lowers the chance of owing more than your car is worth. It is also called getting on the loan. How to pay down the principal of an auto loan A principal-only installment for your car is a great way to pay down your balance faster. While it's not the same for every lender, you'll likely have to notify the lender that the payment is to pay the principal amount only, and not an early payment for the following installment. Make sure to check with your lender to determine if it allows this type of payment and how you can make one. If you lender doesn't offer the option to pay in principal only however, you might be able to settle your loan faster. How to pay down your car loan quicker If you aren't able to make payments that are solely for principal but you could be able to still make payments towards your vehicle loan . Just make sure that your lender isn't charging before making additional payments. Plan biweekly payments If you don't have enough money to make a whole payment every month but an equal amount every week will reduce the amount of interest that is paid based on the way it's calculated. This only works out when it's an interest rate that is precomputed, since it will be calculated the same regardless of when payments are made. Make a bit more than the minimum every month: Contact your lender to determine if it allows this type of payment and how you can do it. Every little bit counts when it comes to making the loan quicker. Make extra lump-sum payments when you receive the benefit of a tax refund or bonus, you can put it toward your car loan when it's better put elsewhere. What happens when you pay down the principal of a car loan can affect your credit rating The process of paying down a car loan may seem like a good idea at first. However, paying off your loan quickly, particularly in the short-term, could cause . In the short-term your score might fall by a few percentage points, but over the long run, it could increase if you have an excessive debt-to-income ratio. Other factors, such as your credit history and your payment history, may affect your score. To determine whether the idea of paying the car loan early is the best option for you, think about the following: Your credit mix: Paying your auto loan off earlier shows lenders you are able to manage your debt in a responsible manner. However, your credit mixthat is, the different credit accounts you have including a car loan as well as credit cards and more -- may suffer if your car loan is the only installment loan. Your payment history If you're able to pay off your car loan early reduces the number of regular payments, but it's not having as big of an impact on your credit score as revolving debt. Your debt-to-income ratio: Your debt to income ratio is another crucial measure of how much debt you owe compared to your income. Making a payment on a car loan could boost the DTI ratio and increase your credit score over time. How to lower the cost of your car loan each month If your goal is to , a principal-only payment isn't going to help since it won't lower the minimum amount you pay. But, there are several options to reduce your monthly car payments. Refinance if your credit score is improving or you can find a better interest rate it could be a way to aid in paying off the loan more quickly. When you refinance your automobile loan you get the new loan from another lender to pay the current loan off. It is therefore important to research and locate the most affordable deal to reduce the total price of the loan and your monthly payments. Modify your loan You may also speak to your current lender regarding . Your lender may be willing to change the terms that apply to the loan in order to make the monthly payments less expensive. One way to do this is by extending your loan term. But , doing this could mean paying more interest in the long run. Trade or sell your car Another method to lower the cost of your loan is to move into a less expensive car. Selling your car or selling it privately will help you get the money you need for a down payment. You can then find a car that better fits your budget and shop around to find the most suitable automobile loan available. The main thing to consider is paying down the principal on your vehicle loan is a great method to increase your equity. If your lender allows additional principal payments, you are able to make them at any time you'd like. Find out more


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Written by

This article was written by using automated technology. It was then thoroughly verified and edited by an editor from our editorial team.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.






Auto loans editor


Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized Student Financial Aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.






Nationally recognized student financial aid expert




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