Buh bye Auto Loan
07-12-2006, 01:28 PM
#13
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Originally Posted by Syncmaster,Jul 12 2006, 02:17 PM
I never had a lien on mine 
It is a beautiful thing to not have a car payment!
It is a beautiful thing to not have a car payment!
07-12-2006, 01:33 PM
#14
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Originally Posted by clawhammer,Jul 12 2006, 01:52 PM
My bank does this. I talked to my loan officer about it, and he said that whenever you make a payment, first the interest will be paid off, and then whatever is left goes towards principal. So assuming that you're monthly payments are $500, and $100 of that goes towards interested, if you make a $3000 payment, $100 will go towards interest and $2900 will go towards the principal. I don't have a monthly payment due for more than a year.
07-12-2006, 01:41 PM
#15
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Congratulations!
A Nice feeling after several years I am sure.
I am getting pretty close myself (just 7 payments left) but my APR was so low that i'd rather use the loan up.
Since you no longer have a lien, depending on where you live and your preferences, you might also be able to change some of the "mandatory" coverages on your insurance and save even more ca$H
A Nice feeling after several years I am sure.
I am getting pretty close myself (just 7 payments left) but my APR was so low that i'd rather use the loan up.
Since you no longer have a lien, depending on where you live and your preferences, you might also be able to change some of the "mandatory" coverages on your insurance and save even more ca$H
07-12-2006, 01:53 PM
#18
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Originally Posted by rworne,Jul 12 2006, 01:33 PM
Get them to fix the payment clock. If you let it sit for a year, the balance you currently have is earning interest. The trick is to keep making payments on time. This is where you get the savings. If they won't fix the payment schedule, just make your normal payments every month. The payoff date will come about a year sooner.
07-12-2006, 02:06 PM
#19
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Originally Posted by clawhammer,Jul 12 2006, 02:53 PM
What would be the point? I never even get bills for it. There is an automatic transfer which transfers money from my checking account to the loan every two weeks. I don't really care what their schedule says.
07-12-2006, 09:12 PM
#20
Congrats. Welcome to the club.