Is it worth it to pay off car loan early? (Nissan Finance)
Question for people that had similar experience or understand how auto financing works.
I'm debating if I should pay off my car loan early. We still have ~81 bi-weekly payments left and I wanted to get rid of this $304.25 payment, this will really help my family in near future as we try to minimize our monthly expenses. I logged on to Nissan Finance account and got a payout quote of $24,388.43 (includes all interest). I always thought that paying off early will save you interest in the long run, but it looks like all of the interest was just added as lump sum.
Not sure if I'm getting any benefits from this payout besides getting rid of the monthly payment.
What happens if I just pay a portion of the balance, does it reduce my monthly payments or shortens the term of the loan?
Thank you for your help.