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How To Set Up Automatic Car Loan Payments

How To Set Up Automatic Car Loan Payments

Paying bills on time is at the core of financial acumen. It makes sure you meet all your obligations and prevents your credit score being impacted by an accidental missed payment. To help with this, our Binbrook auto loan team has some actionable advice on how to set up automatic car loan payments. That way, no matter what’s going on in your life, your obligations are all covered!

 

Here’s how to do it.

 

Set Up Automatic Car Loan Payments

 

When you take out an auto loan or get a new credit card, set up automatic payments for it. Set it up for every outgoing you can to make sure you never miss a payment.

 

Your bank or the organization you’re paying should have a facility to arrange payments for existing accounts. Select the automatic payments option for all new accounts.

 

Set up online accounts for all creditors

 

Next, set up an account with everyone you owe who supports them. While you may not be able to set up automatic payments directly, they will often have payment gateways where you can settle payments or make emergency payments should they become necessary.

 

Your automatic payments should take care of everything but if something happens to interrupt them, you’ll have the means to pay right away rather than having to set everything up and then pay.

 

Set reminders for payments

 

Set some simple reminders to alert you when it’s payment day. You should only need to do this at the beginning to make sure automatic payments work. If you have debts that don’t support automatic payments, the reminder can help keep you on top of things.

 

Arrange all bills to go out the same day

 

While it can be depressing to see so much money disappear from your account in one day, it’s an efficient way to run your budget. You only have to make sure you have sufficient cash on one day per month and everything is taken care of for the next few weeks.

 

We recommend setting the payment date for the day after you get paid. That way, you have the money and you are unlikely to spend it before your obligations are met.

 

Set up automatic savings

 

If you have the luxury of spare cash at the end of the month, set up an automatic savings account to put it away for a rainy day. You can set up a regular saver account that takes a fixed amount per month to build savings even if it’s $20-30 per month. Every little helps.

 

Make sure it’s a separate account than your checking account so you don’t end up spending it all without realizing it.

 

By now, you have automatic bill payments, automatic savings and a reminder for you to check once per month that your bills are paid.  That’s most of your everyday financial life sorted.

 

Alongside spending within your means, this should be all you need to stay on top of auto loan payments, credit cards and every outgoing you have. How cool is that?

 

We will use all our skill and experience to deliver the lowest possible Binbrook auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

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Categories: Auto Loan

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