Calculate how much interest you save and how many months faster you'll pay off your car loan by switching to biweekly payments. Compare with standard monthly payments in real-time.
Biweekly auto loan payments mean making half your monthly payment every two weeks instead of the full payment once a month. Since there are 52 weeks in a year, this results in 26 payments annually –the equivalent of 13 monthly payments instead of 12. This extra payment goes directly toward principal, reducing your total interest cost and shortening your loan term. On a typical $35,000 auto loan at 6.5% APR over 60 months, switching to biweekly payments can save you over $1,500 in interest and cut 5 months off your loan.