Most of us would love to live debt free and it’s possible for some. Whether it’s a student loan, auto loan or mortgage, we all have debt of some kind. Wouldn’t it be great to earn extra money to pay it off early and live debt free for a while?
Our auto loans team have come up with 5 ways to earn extra money this summer so you can pay off your auto loan early.
Get a Second Job
Not everyone has the time or energy for a second job but it’s an obvious way to earn extra money. Work part-time as a lifeguard at a beach, golf caddy, valet parking attendant, waiting staff, contractor on a building site, door staff at a night club or something else entirely.
We all have skills we can use to make a little extra so why not use them?
Sell on eBay or Etsy
Are you creative? Can you make stuff? Have a creative hobby you could turn into a money maker? If so, this is a great and fun way to make extra money in 2023. Sell your creations on eBay or Etsy. Sell them at yard sales or anywhere you spend time.
If your creations are interesting, entertaining, useful or funny, you should have no problem selling them.
Be an Online Tutor
Do you have expertise in a subject? Are you a subject matter expert or have many years’ experience in something? Then teach it to others. There are lots of online marketplaces where you can sell your services and make some extra money.
You could also work for local schools or colleges or offer private lessons if there is demand in your area.
Work as a Freelancer
Working as a freelancer can be quite lucrative if you pitch yourself right. If you have a marketable skill that is in demand, you could sell it on marketplaces like Freelancer.com or Upwork and make a little extra.
Very few get rich this way but if you need to supplement your income a little, this works.
Amazon Mechanical Turk
Working at Amazon Mechanical Turk is similar to working as a freelancer but the jobs vary hugely. Tasks will typically be product testing, research, surveys data validation or entry and other stuff.
Amazon doesn’t pay much but it’s convenient. It’s also something you could do alongside these other suggestions to supplement your income.
Paying Off Your Car Loan Early
There is nothing stopping you from earning a little extra for any reason but settling debts or paying off your auto loan early are as good a reason as any.
Just make sure your auto loan doesn’t have early settlement penalties before you overpay. Also make sure to specify that your overpayment comes off the loan principal and not the interest!
Many lenders will just pay off the whole loan with your overpayment, including the interest unless you say otherwise. The whole purpose of overpaying is to minimize interest!
For any questions or concerns, please don’t hesitate to contact us here!