Buh bye Auto Loan
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Joined: Apr 2004
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From: Tampa
Originally Posted by S1997,Jul 12 2006, 04:09 PM
Yeah, but that 06 GPW is sweet! 
but I'd still love to go to no car payment
I'm paying extra every month though so I'll pay mine off early too.
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Joined: Jan 2002
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Yes, there is always something to take the "extra" money (an oxymoron if I ever heard one).
When I paid may 02 off about a year ago I thought that now I'd be able to do some mods but to date all I've added was coilovers and that was due to a deal too good to pass up.
To the guy with a simple interest loan. That doesn't mean you don't have interest, only that the interest is paid when it is due and not front loaded like many old style car loans.
With a simple interest loan any money you pay over and above your regular payment applies to principle which reduces the amount of interest due the next month which increases your principle amount which pays the loan off early, which is a good thing.
The only bad thing about paying off early no matter how you do it, is that the only person who knows it is that particular creditor. It doesn't show on the credit bureau so doesn't increse you credit scores or make you a better risk to other creditors. Bummer.
When I paid may 02 off about a year ago I thought that now I'd be able to do some mods but to date all I've added was coilovers and that was due to a deal too good to pass up.
To the guy with a simple interest loan. That doesn't mean you don't have interest, only that the interest is paid when it is due and not front loaded like many old style car loans.
With a simple interest loan any money you pay over and above your regular payment applies to principle which reduces the amount of interest due the next month which increases your principle amount which pays the loan off early, which is a good thing.
The only bad thing about paying off early no matter how you do it, is that the only person who knows it is that particular creditor. It doesn't show on the credit bureau so doesn't increse you credit scores or make you a better risk to other creditors. Bummer.
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Joined: Mar 2003
Posts: 3,962
Likes: 7
From: San Fernando Valley, CA
Originally Posted by Wildncrazy,Jul 13 2006, 09:10 AM
Yes, there is always something to take the "extra" money (an oxymoron if I ever heard one).
When I paid may 02 off about a year ago I thought that now I'd be able to do some mods but to date all I've added was coilovers and that was due to a deal too good to pass up.
To the guy with a simple interest loan. That doesn't mean you don't have interest, only that the interest is paid when it is due and not front loaded like many old style car loans.
With a simple interest loan any money you pay over and above your regular payment applies to principle which reduces the amount of interest due the next month which increases your principle amount which pays the loan off early, which is a good thing.
The only bad thing about paying off early no matter how you do it, is that the only person who knows it is that particular creditor. It doesn't show on the credit bureau so doesn't increse you credit scores or make you a better risk to other creditors. Bummer.
When I paid may 02 off about a year ago I thought that now I'd be able to do some mods but to date all I've added was coilovers and that was due to a deal too good to pass up.
To the guy with a simple interest loan. That doesn't mean you don't have interest, only that the interest is paid when it is due and not front loaded like many old style car loans.
With a simple interest loan any money you pay over and above your regular payment applies to principle which reduces the amount of interest due the next month which increases your principle amount which pays the loan off early, which is a good thing.
The only bad thing about paying off early no matter how you do it, is that the only person who knows it is that particular creditor. It doesn't show on the credit bureau so doesn't increse you credit scores or make you a better risk to other creditors. Bummer.
1. A history of payments being made "on time" and "never late."
2. The loan being paid off and the creditor satisifed.
3. A big-ticket item being paid off sucessfully.
These are never bad things to have on a credit report. Of course if you paid it off on time instead of early it would have the same results.
Now you need to celebrate with a little 
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