Everyone wants more time. When you take advantage of AutoPayPlus, you will get out of debt faster. On a mortgage, you could shave years off your term, while other loans like auto loans can be paid off months early.
Early loan payoff is when you accelerate your loan payments with the goal of paying off your loan before term. The most common way to achieve this is with a biweekly loan payment program.
Standard loans require one payment every month. With the AutoPayPlus™ bi-weekly loan payment service, half of the loan amount is automatically withdrawn from your account every two weeks*. During the year, there are two extra half-payments which are applied to the principal balance. Weekly, bimonthly and monthly payment options are also available.
The most common objectives of early loan payoff are:
- Paying off your loan faster
- Meeting a financial deadline, e.g., I'd like to pay off my mortgage before my daughter goes to college.
- Saving money in interest
- Building personal equity
Try our loan savings calculator to see what you can save.