Q. To pay extra on my auto loan every month, should I roll the amount into my regular payment or make a separate, principal-only payment? I'm told it works out the same either way.

A. Whether you include the extra money in your regular payment or send it separately, it works out the same.

When you add extra money to your regular auto loan payment (or your mortgage payment, for that matter), it is always deducted from your principal. By making those extra payments, you will pay off your loan faster and save money on the amount of interest you pay.

To find out how much you would save, plug your numbers into our auto loan payoff calculator. We think you'll be pleasantly surprised.