Driving free cars for life sounds pretty great, but how is it possible? Well, you’re technically paying for them, once you’ve paid off your current car payment–and you aren’t sending your hard earned money to the bank in the form of loan interest payments–you can save up money faster than ever before by following these steps:

Use a Vehicle Payment Calculator to Pay Off Your Loan

First you need to accelerate your current car loan payments by sending in bi weekly payments. What are bi weekly payments, you ask? Simply put, you divide your monthly payment in half and send in that amount every two weeks. If your payment is $250 a month, then send in $125 every two weeks. Doing this can shave a few months and hundreds of dollars in interest off of your current loan.

Keep Making a Half Payment to Yourself Every Two Weeks

Once your loan is paid off, continue to make the half payment every fortnight, but rather than sending it to your lender, put it in your own savings account. Consider setting up a separate account at a bank other than your current one in order to make the money a bit more difficult to access. You can also have the money automatically routed there so that you don’t have to remember to make the transaction every two weeks. After a few months, you’ll notice the balance getting larger, especially when it’s earning interest.

Use Your Savings to Pay Cash for Your Next Vehicle

Before purchasing your next vehicle, wait until you have enough saved up so that you don’t have to take out another loan. Limit yourself to the amount that’s in your targeted savings account, plus whatever you can get for your current vehicle if you sell or trade it in. Don’t change anything about your savings process. Keep it going, adding to it with each passing month, and only taking out to buy a car with cash. Now that you’re ready to get your loan paid off and start saving up so future vehicle purchases are painless, check out a vehicle payment calculator today.