{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"Five ways to pay off your car loan faster","text":"\u003Cp\u003EDiscover five practical ways to pay off your car loan faster. With the average repayment in Australia at $550 per month, these tips can help you become debt-free sooner.\u003C/p\u003E\r\n\r\n\r\n\r\n\r\n","links":[{"name":"Five effective strategies to pay off your car loan faster","value":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster.html"}],"image":{"src":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/_jcr_content/root/metadata.shellimg.png/1718195487773/car-loan-repayments-promo.png","alt":"Business woman shaking hands with a male after a car loan agreement was signed.","width":3840,"height":2166},"date":"2024-06-13T05:35:00.000Z","tags":[{"name":"Vehicles","value":"vehicles:"},{"name":"Save well","value":"shell:business/business-customers/save-well"}]},"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/contentowner"},{"organism":"Container.Header","children":[{"organism":"Container.Raw","ref":"https://www.shell.com.au/_jcr_content/root/header/inherited.model.json","id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/header/inherited","model":{}},{"organism":"Breadcrumb","model":{"links":[{"name":"Home","value":"https://www.shell.com.au/"},{"name":"Shell fuels","value":"https://www.shell.com.au/shell-fuels.html"},{"name":"Go Well Content Hub","value":"https://www.shell.com.au/shell-fuels/go-well-content-hub.html"},{"name":"Five effective strategies to pay off your car loan faster","value":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster.html"}]},"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"brand1","model":{"title":"Five ways to pay off your car loan faster","text":"\u003Cp\u003EFree yourself from the burden of your car loan quickly (and even save some money along the way) with these five strategies.\u003C/p\u003E\r\n\r\n\r\n","image":{"src":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/_jcr_content/root/main/section/section_copy_copy/item.shellimg.png/1718177361046/car-loan-repayments-header.png","alt":"Business woman shaking hands with a male after a car loan agreement was signed.","width":3840,"height":960},"date":"2024-06-13T05:35:00.000Z"},"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/item"},{"organism":"Container","children":[{"organism":"Author.Info","color":"inherited","id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop/author_copy_copy","model":{"links":[{"name":"By Shell on June 13, 2024"}],"image":{"src":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/_jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop/author_copy_copy.shellimg.png/1718110964361/shell-pecten.png","alt":"Shell Pecten","width":2500,"height":1405}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop/text_1077948173_copy","model":{"text":"\u003Cp\u003EThe \u003Ca href=\"https://www.driva.com.au/blog/whats-an-average-car-loan-in-australia/\" target=\"_blank\"\u003Eaverage car loan repayment\u003C/a\u003E in Australia is about $550 per month. Of the approximately 2.7 million drivers who have a car loan, the majority pay it off over four years. It’s no surprise that many would like to be relieved of the burden of their monthly repayments sooner rather than later. After all, even a relatively small repayment and modest interest rate add up over several years. So here are five ways to pay off your car loan faster and get you behind the wheel debt-free.\u003C/p\u003E\n\u003Ch3\u003E\u003Cb\u003E1. Round up your repayment amount\u003C/b\u003E\u003C/h3\u003E\n\u003Cp\u003EA straightforward way to make faster headway on your car loan repayments is, very simply, to pay more each month. A useful approach can be to ‘round up’ your monthly repayment. The extra might not make too much difference to you month by month but will get your loan paid faster and you’ll reduce the overall interest you’re up for.\u003C/p\u003E\n\u003Cp\u003EFor example, if your car loan is $26,000 at an interest rate of 7% over four years, your monthly repayments will be $623 and your total interest $3,885.\u003C/p\u003E\n\u003Cp\u003EIf you rounded up those repayments to $700 a month, you’ll pay off your loan four months faster and shave just under $500 off your total interest.\u003C/p\u003E\n\u003Cp\u003EHeads up – check your loan agreement as some lenders prohibit early prepayment or charge prepayment or exit penalties and use tools like an online \u003Ca href=\"https://www.ratecity.com.au/car-loans/calculator\" target=\"_blank\"\u003Ecalculator\u003C/a\u003E if you want to calculate your own repayments.\u003C/p\u003E\n\u003Ch3\u003E\u003Cb\u003E2. Make your repayments more frequently\u003C/b\u003E\u003C/h3\u003E\n\u003Cp\u003EMost people make monthly repayments on their car loan, but upping the frequency to weekly or fortnightly can make a significant difference. Twenty-six fortnightly payments will reduce your debt faster than 12 monthly payments and can save you interest also.\u003C/p\u003E\n\u003Cp\u003ESticking with the same scenario above, if you switch from monthly repayments of $623 to fortnightly payments of $311, you’ll save nearly $400 in interest.\u003C/p\u003E\n\u003Ch3\u003E\u003Cb\u003E3. Contribute any unexpected cash to paying off your loan\u003C/b\u003E\u003C/h3\u003E\n\u003Cp\u003EA work bonus, a gift from a relative, or an unanticipated tax refund can all go a long way to taking a good chunk off your car loan. If you need a bit of motivation, think about what you’re saving in the longer term and what you could ultimately spend that saving on.\u003C/p\u003E\n\u003Ch3\u003E\u003Cb\u003E4. Consider refinancing (but read the fine print)\u003C/b\u003E\u003C/h3\u003E\n\u003Cp\u003ERefinancing your car loan can help you lower your repayments and pay off your loan sooner. It involves applying for a new car loan offering a lower interest rate or shorter term and using the funds to pay off your existing car loan. You then make repayments on your new car loan at an improved rate.\u003C/p\u003E\n\u003Cp\u003EYou might find that your existing lender will reduce the term of your loan from, 48 months to 36 months. It will mean higher monthly repayments but if that’s financially possible for you, it might be worth it to slice a year of your loan.\u003C/p\u003E\n\u003Cp\u003EJust make sure you check the conditions associated with your existing car loan and be aware that the costs associated with refinancing or renegotiating terms might lessen your potential savings.\u003C/p\u003E\n\u003Ch3\u003E\u003Cb\u003E5. Be disciplined\u003C/b\u003E\u003C/h3\u003E\n\u003Cp\u003EThe more repayments you skip, the longer it will take you to pay off your loan! It can be tempting to let repayments slide and put the money towards other more immediate needs (or wants). But beware of the slippery slope of missed payments. Every skipped payment will see you pay a greater amount of interest over a longer period.\u003C/p\u003E\n"}},{"organism":"PageTags","model":{"tags":[{"name":"Vehicles","value":"https://www.shell.com.au/tag-search.html?tag=vehicles%3A"},{"name":"Save well","value":"https://www.shell.com.au/tag-search.html?tag=shell%3Abusiness%2Fbusiness-customers%2Fsave-well"}]},"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop/page_tags"},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop/text_copy_copy_copy_","model":{"text":"\u003Cp\u003E\u003Csup\u003EDisclaimer\u003Cbr\u003E\r\n\u003C/sup\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E\u003Ci\u003EViva Energy Australia Pty Ltd (“Viva Energy”) has compiled the above article for your general information and to use as a general reference. Whilst all reasonable care has been taken by Viva Energy in compiling this article, Viva Energy does not warrant or represent that the information in the article is free from errors or omissions or is suitable for your intended use.\u003C/i\u003E\u003C/sup\u003E\u003C/p\u003E\r\n"}}],"colspan":8,"id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop","model":{}},{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster/jcr_content/root/main/section/section_copy_copy/simple_copy_copy_cop_672712310/text","model":{"title":"You may also be interested 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With the average repayment in Australia at $550 per month, these tips can help you become debt-free sooner.","date":"2024-06-13T05:35:00.000Z","links":[{"name":"canonical","value":"https://www.shell.com.au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster.html"},{"name":"errorUrl","value":"https://www.shell.com.au/error.html"},{"name":"hierarchy","value":"en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster"},{"name":"homeTitle","value":"Shell Australia"},{"name":"homeUrl","value":"https://www.shell.com.au/"},{"name":"locale","value":"en-AU"},{"name":"title","value":"Five effective strategies to pay off your car loan faster | Shell Australia"},{"name":"textDirection","value":"ltr"},{"name":"template","value":"base"},{"name":"contentPath","value":"/content/shell/countries/australia/en_au/shell-fuels/go-well-content-hub/five-strategies-to-pay-off-your-car-loan-faster"},{"name":"externalDisclaimerText","value":"Shell plc Legal Disclaimer\r\nYou are now leaving the Shell website.\r\nThe link you have selected will direct you to a website that is not controlled by Shell plc or any member of the Shell Group. 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