Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

4 Secrets to Paying Off Your Family’s Car Loan ASAP

It is important that you have transportation that is both reliable and affordable. Therefore, it is in your best interest to create a budget and make sure that you stick to it during your car search. Once you buy the car, what are some ways that you can repay your lender as soon as possible?

Refinance the Loan

An effective way to help you pay off your loan faster is to renegotiate the terms of your current loan. One benefit is that you may be able to get a lower interest rate. This both lowers your payment and helps you put more toward the loan’s principal balance each month. You may also decide to refinance to shorten the loan’s term. Instead of paying over five years, you may renegotiate the loan to pay it over three years. This forces you to pay the loan back quickly while also saving money on finance charges.

Make a Payment Every Two Weeks

Instead of making a single payment each month, making a half-payment every two weeks may help you pay the loan off faster. This is because you will make the equivalent of 13 payments each year instead of 12. If your loan calls for 60 payments, you could pay your loan up to five months sooner by making an extra payment per year. Another benefit to paying every two weeks is that it may coincide with your payment schedule at work, which can help you better manage your cash flow.

Buy From a Dealer

It may be in your best interest to buy your next vehicle from a dealer. This is because it may have access to banks offering the lowest interest rates on auto loans. The dealer may also be willing to accept your vehicle as a trade. The value of your vehicle will be credited as a down payment on the current purchase. In some states, it may be possible to realize a sales tax savings when trading in your vehicle. All of these things reduce the price of your car, which makes it easier to pay off. Visiting a St. George Kia dealership can help you learn about what vehicle options are available to you. Many dealers also have their vehicles that you purchase will be inspected ahead of time and may come with a warranty. Keeping the cost of repairs down may increase the vehicle’s useful life and allow it to hold more of its value. Finally, buying from a dealer could be beneficial because they will take care of DMV and other associated fees and paperwork for you. That could prevent you from taking a day off of work to wait in line that could be better spent making money to repay the loan.

Pay More Than the Minimum Payment

Regardless of how you choose to make your car payment each month, it is a good idea to pay more than the minimum. Even if you can only pay an extra $10 a week, that could be the equivalent of an extra payment or two over the course of a year. Asking for extra hours at work or putting your tax refund toward your car loan could help you increase your income and make those additional payments.

A vehicle is a depreciating asset, which means that it loses value the longer that you own it. The faster that you pay off your loan, the less likely it is that you will have negative equity in your car. Avoiding negative equity allows you to sell or trade your car at the end of its useful life without going deeper into debt as you won’t have to roll that equity into your next loan.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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Food Insecurity - The USDA defines it as a state in which “consistent access to adequate food is limited by a lack of money and other resources… A household is food insecure if, in the previous year, they experienced limited or uncertain availability of nutritionally adequate foods.”

According to Feeding America, food insecurity is a problem. Almost 28,000 Douglas and 75,000 Arapahoe County residents (1 in 7 Coloradans) face this issue.

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Happy Prime Day! We need your help when you make a purchase today. Through the Amazon Smile program, .5% of your purchase can go to aid Integrated Family Community Services with their year-round mission. If you have not already linked your Amazon account to benefit IFCS, click on the link below. This is a free way to help us out. It costs you nothing and no charge is added to your account, but you need to use the linked account to assist us financially. Your purchase can benefit many in the community - you can make a "Prime" difference and generate smiles. #onecanfeed
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We are getting excited to start receiving backpacks and back-to- school supplies this week. We have 319 students being sponsored and are collecting extra supplies to provide for over 300 more children in our community. Let us know if you would like to donate to support this program - contact Sarah Rutledge at or (303)789-0501. Donations are due by August 2. ... See MoreSee Less

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#OneCanFeed…Seniors! 1 in 7 Colorado seniors struggle with hunger (deciding between Food and Medicine). One Can Make a difference – learn more at

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