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If you want to motivate yourself to pay off your auto loan early, one of the best things you can do is to utilize one of the many auto loan payoff calculators available online. While auto loan payoff calculators are mainly used to determine how much you need to pay in order to get out of your auto loan early, they also help you realize how much money you'll save in interest charges when you do pay the loan off, as well as how soon you can be free of payments.
Whether your auto loan is a two-year loan or a five-year loan, you're paying interest during that entire term. When you pay off your auto loan early, you can save thousands of dollars in interest over the years or months that you no longer have a car payment. In addition to saving you money, it allows you to get closer to your financial goals sooner than you would have if you had paid the loan for the entire length of the term. That means you can increase your savings or work on paying off other debts sooner.