If you have a long-term loan with high interest, then you might find yourself paying almost as much in interest payments as you are towards the money you borrowed. If this is the case, then you should look at ways to reduce those loan interest payments. Reducing your loan interest payments will help you to pay off your loan more quickly, and thereby save yourself money. Here are some tips on how to reduce your loan interest payments.
Change your loan
One way to reduce your interest payments is to swap to a different loan company. Refinancing your loan with another company might seem like a lot of work, but if you can get a lower interest rate you could save a lot of money. Shop around and compare loan prices to see if you can get a better deal than you are now. Even if you reduce your APR by 1 or 2%, you could save yourself a significant amount of money.
Bi weekly payment
Another method for reducing loan costs is to start paying bi-weekly. Instead of paying your monthly amount, pay half of your monthly amount every two weeks. There are 4.3 weeks in every month, so you will find that you pay your 12 months’ payment in just 11 months. This will...
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