As a consumer, you don't want to be paying down debt any longer than you really have to. Your goal should be to get rid of debt as quickly as you possibly can without hurting your bottom line.
Biweekly car payments can make this possible for you.
When you are making what amounts to an extra payment on your vehicle every year, you're going to start knocking down your loan principal a lot quicker than you would otherwise.
Greater Financial Security
This will, first and foremost, put you in a better financial position since your car will be paid off more quickly.
Plugin some numbers into our bi weekly auto loan calculator to see how much money you can save with this payment setup. And that's not the only big advantage you'll get to enjoy.
Higher Trade-in Value
One of the other benefits of biweekly car payments is that it will allow you to put yourself in a position to trade your vehicle in sooner if you would like.
Since you'll be able to get more equity in your vehicle in a shorter amount of time, you won't have to wait until your loan is almost paid off to consider trading your car in.
There are a lot of car owners who love this particular aspect of biweekly car payments.
With a 72-month car loan term, which has become far too common in the auto industry, it's almost impossible to get enough equity in your vehicle to be able to trade it in for something new.
And worse, by the time you've paid your vehicle off, it's not worth anywhere near what it would have been worth when it was five years old.
You owe it to yourself to at least consider the possibility of utilizing biweekly car payments. As a consumer, you can save a lot of money and give yourself a better chance to buy a new car sooner.