According to a new study from Thompson Consumer Law Group, many Americans are letting their car loans go unpaid, with the state of Indiana in the top five percentage of debt.
So, how can you better manage these payments?
Making payments biweekly can help you repay your auto loan faster and save money on interest but ask if there are fees to pay biweekly. They could be higher than what you save.
You should also communicate with your lender if you are struggling to pay. Even though interest rates overall are up, you might be able to refinance for a lower rate.
Check your credit report for any potential unpaid bills to improve your credit score to get lower interest rates.