Paying the Principal on a Car Loan: What You Need to Know

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is Principal Balance on a Car Loan?
Can I Pay the Principal on My Car Loan?
How to Pay Principal on Car Loan
Paying Down Principal vs Paying Down Interest
Paying Down the Principal vs Refinancing Your Car Loan
Is It Better to Pay the Principal or Interest?
Will My Car Payment Go Down if I Pay Extra?
Frequently Asked Questions
Photo credit: iStock/SeventyFour
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About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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