Finance companies make a tremendous amount of money each year through late fees. Make sure that your payments are on time. Even if the late fee seems insignificant, they add up quickly. If you can put that money toward paying off your principle, you will significantly speed up the debt reduction process.
Also paying on time helps give you a better credit rating. A good credit rating means that lenders will give you better terms on other loans. So paying on time can save you thousands of dollars in interest when you go to buy a house. Car loans are mostly based on your credit rating. The better your rating the better deal you can get on finance terms. In fact some dealers may be willing to give you nearly 0% credit if you have a good credit rating because they know you are gong to make your payments.
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