Financing help needed
Tourer
Joined: Mar 2008
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RE: Financing help needed
Some loans are written as a Rule of 78 or something like that where extra payments are credited towards future payments vice principle. You have to check your loan papers and make sure you can specify that it goes to principle and then make sure the bank does it. By doing this, you "cost" them money, so they'll happily put it towards future payments so you make all the payment.
Intermediate
Joined: Mar 2008
Posts: 27
Likes: 0
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RE: Financing help needed
The best way to finance is on a line of credit, providing you have good credit rating.
you can pay as much as you want when you want.(ofcourse there is a min. amt due each month)
So instead of keeping money in your savings, or hanging onto money you need for somthing later,
Just put it against the loan. That way you are not paying as much intrest each month. When you need
money, can take some back out on your line of credit.Why pay the bank 6 or 7 % when you have money
put aside earning next to nothing. Also you always have the loan in place for future purchases. IMO
you can pay as much as you want when you want.(ofcourse there is a min. amt due each month)
So instead of keeping money in your savings, or hanging onto money you need for somthing later,
Just put it against the loan. That way you are not paying as much intrest each month. When you need
money, can take some back out on your line of credit.Why pay the bank 6 or 7 % when you have money
put aside earning next to nothing. Also you always have the loan in place for future purchases. IMO
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oinker02
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