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3 min read published September 27, 2022
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The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with clear, well-researched facts that break down otherwise complex topics into manageable bites.







Reviewed by Mark Kantrowtiz Reviewed by Nationally known student financial aid expert

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Paying down the principal on your car loan can be a good method to build equity in your vehicle. Usually, you will need to indicate to the lender that the money is to be made only to the principal. This can be done via the internet or by phone. Each lender has their own procedure, though, and some do not allow principal-only payments. What is a principal-only car payment? A principal-only car loan is a payment that goes only towards the balance principal of the car loan and is separate from the regular monthly installment. Principal is simply the amount you borrowed initially, but without additional interest. The goal of this extra payment is to accelerate your repayment of the loan. Each payment made exclusively to the principal amount builds equity in your vehicle. When you accumulate equity in your vehicle you are closer to owning the car outright. Also, it reduces the possibility of having to repay more than your car is worth. This is which is also known as being on the loan. How do you pay off the principal of an auto loan A principal-only installment for your car is a great option to pay off your loan faster. While it's not the same across every lender, you'll probably need to inform the lender that the payment is intended for the principal balance only, and not an early payment for the following installment. Check with your lender to determine whether they allow this kind of payment and how you can make one. If your lender doesn't allow you to make a principal-only loan, you may still be able to pay down your loan quicker. How to pay down your car loan faster If you're not able to make principal-only payments but you could still be able to make payments towards your vehicle loan . Just make sure that your lender isn't charging before making additional payments. Make biweekly installments If you don't have enough funds to make a whole payment every month but one half-payment every other week could reduce the amount of interest that is paid based on how it's calculated. This is only true when it's pre-calculated interest, which will be calculated the same regardless of the date when the payment is made. Make a bit more than the minimum amount every month: Contact your lender to determine if it allows this type of payment and how to go about making one. Every little bit counts when it comes to making the loan more quickly. Make extra lump-sum payments: If you get an extra bonus or tax refund, you can put it towards your vehicle loan if it wouldn't be better put somewhere else. What happens when you pay down the principal on a car loan affects your credit The process of paying down a car loan could 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 could decrease by a few points, but over the long haul, it could increase if you have a high debt-to-income ratio. Other factors, like your credit mix and the history of your payments, could influence your score. To determine if you should pay on your auto loan early is the best option for you, consider the followingfactors: Your credit score: Paying off your auto loan off earlier shows lenders you are able to manage your debt effectively. But your credit score -that is, the different credit accounts you hold including the car loan or credit card, and others -- could be affected when your car loan is the only installment loan. Your payments history: Paying off a car loan early can reduce the number of regular payments, but it's not having as big of an impact on your credit score as revolving debt. Your ratio of debt-to income: Your debt-to earnings ratio is another crucial aspect that determines the amount of debt you have compared to your earnings. The process of paying down the cost of a car loan can increase the DTI ratio and improve your credit score in the long run. How can you lower your monthly car payments If your goal is to get a principal-only loan, it will not help, as it won't lower your minimum monthly payment. There are however a few ways to lower your monthly car payments. Refinance your loan if your credit has improved or you have an interest rate that is better could assist you in repaying it quicker. When you refinance your auto loan, you take out the new loan with a different lender to pay your existing loan off. It is therefore important to research and locate the best deal possible to lower the overall amount of your loan and your monthly payment. Modify your loan You can also talk to your current lender about . Your lender might be willing to alter the terms that apply to the loan for the purpose of making the monthly payments less expensive. One method to accomplish this is by increasing the loan period. But , doing this could mean paying more interest over the long term. Sell or trade your car Another way to lower the amount you pay is to go into a cheaper vehicle. Trading in your current vehicle as well as selling the vehicle privately can get you the funds for a downpayment. From there you can find a car that better fits your budget and shop around to find the most suitable auto loan available. The final point is that paying down the principal of your vehicle loan could be a smart option to build equity. If your lender accepts additional principal payments, you may make them at any time you'd like. Find out more


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Written by

This article was written with the help of automation technology, and then verified and edited by an editor on our editorial team.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers to manage their finances by providing concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.






Auto loans editor


Review by Mark Kantrowtziz. Reviewed by Nationally known student financial aid expert

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






Nationally acknowledged expert in student financial aid




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