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If the interest rate you qualify for today is significantly lower than your current loan rate, it may be a good time to refinance a car. But as for OPs question, yes, paying early will reduce your cost of borrowing. The rate and payment stay the same, but because the principal is. In fact, paying off your car loan before the end of the loan term is a great way to reduce your interest payments! Paying off your loan early takes focus and. Banks: Similar to credit unions, your local bank branch in which you have an account will be happy to help you with your loan. Also like credit unions, banks. As you can see, the key to getting a lower interest rate on car loans is having a better credit score. The good news is if you've been making your car payments.
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