Financing help needed
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Road Warrior
Joined: May 2007
Posts: 1,618
Likes: 117
From: ARIZONA
Financing help needed
Is there any way to make a payment directly on the principle? Lets say for example that I make my monthly payment and add $1000 extra.
Will that extra cash be applied to the principle or just count as a few extra payments?
Will that extra cash be applied to the principle or just count as a few extra payments?
Road Warrior
Joined: Jan 2006
Posts: 1,504
Likes: 1
From: Sunapee, NH
RE: Financing help needed
Just make sure that your loan willprovides No Penilty for Prepayment that will allow you over pay all you want. But remember, even though you have paid to date more than what was due, you will still owe the full agreed monthly paymentand if or when you have paid down the loan principle you won't owe any more interest.
That's a good plan, good luck
chappy
That's a good plan, good luck
chappy
ORIGINAL: ebeattie
Is there any way to make a payment directly on the principle? Lets say for example that I make my monthly payment and add $1000 extra.
Will that extra cash be applied to the principle or just count as a few extra payments?
Is there any way to make a payment directly on the principle? Lets say for example that I make my monthly payment and add $1000 extra.
Will that extra cash be applied to the principle or just count as a few extra payments?
Extreme HDF Member
Joined: Mar 2008
Posts: 14,865
Likes: 4
From: Mn.on a lake,well nxt to a lake.
RE: Financing help needed
ORIGINAL: ebeattie
Is there any way to make a payment directly on the principle? Lets say for example that I make my monthly payment and add $1000 extra.
Is there any way to make a payment directly on the principle? Lets say for example that I make my monthly payment and add $1000 extra.
We will have my 08 pickup payed off in less the 2 1/2 yrs on a 6 yr loan...Then we will be debt free if I dont buy another toy
...
Road Captain
Joined: Nov 2005
Posts: 618
Likes: 0
From: Phila, Pa
RE: Financing help needed
Retail install loans are simple intrest loans where additional monies paydown the PB (principle balance) So your 100 bucks will go to the next payment (princ & int)but this DOES payoff your loan faster, also make your payment as early as possible, this reduces your intrest per deim. Lets say your per deim intrest is 4 buck per day X 10 days you saved 40 buck that month. This doesnt reduce your next payment but reduces your UPB (Unpaid Principle Balance)
You can call your creditor they should be able to give you the intrest per deim.
Retail Loans are different from mortgage loans(amortized loan) where get you a payment schedule and additional monies are applied to the principle.
You can call your creditor they should be able to give you the intrest per deim.
Retail Loans are different from mortgage loans(amortized loan) where get you a payment schedule and additional monies are applied to the principle.
Banned
Joined: Nov 2007
Posts: 570
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From:
RE: Financing help needed
The wife taught me a nice little economic deal: Instead of making your payment once a month...make it once every four weeks. Gives you like an extra payment, and if you add an extra 10% to that...well, I paid off my car in a little over 3 years instead of the 5 it was financed for. And, definitely make sure you find out if there's a prepayment penalty as Chappy said. That'd suck for sure....
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Road Warrior
Joined: May 2007
Posts: 1,618
Likes: 117
From: ARIZONA
RE: Financing help needed
Thanks for the help guys! Been meaning to ask about this. I want to try and save up for a down payment for a Dodge Ram Deisel; I figure thats a good 4 wheel vehicle 4 my 4 wheel needs. Anyway, while I am saving for that down payment, i want to pay my bike loan down like $2400 extra during that time period, essentially making that big extra payment at once. Might try and refinance the bike first then apply for the loan for the truck. Ill have a long time to figure it out, bout a year and a half.
I want to try and save up at least 20% for the truck down payment. But at the same time pay down some of the bike so I dont get hosed on the truck interest rate. And Ill look into the late penalty charge to see if there is any. Its through Eaglemark so who knows. Lol, when your sitting there at the signing table as a rookie buyer and all you want is for them to hand you the keys, EVERYTHING looks good. But thats the key to life, you live and learn from mistakes!
Thanks again for all the advice.
I want to try and save up at least 20% for the truck down payment. But at the same time pay down some of the bike so I dont get hosed on the truck interest rate. And Ill look into the late penalty charge to see if there is any. Its through Eaglemark so who knows. Lol, when your sitting there at the signing table as a rookie buyer and all you want is for them to hand you the keys, EVERYTHING looks good. But thats the key to life, you live and learn from mistakes!
Thanks again for all the advice.
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Joined: Oct 2006
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RE: Financing help needed
Harley-Davidson credit always gets more from me than the "minimum" Each month, the "minimum" goes down.
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RE: Financing help needed
ORIGINAL: chiabate
Harley-Davidson credit always gets more from me than the "minimum" Each month, the "minimum" goes down.
Harley-Davidson credit always gets more from me than the "minimum" Each month, the "minimum" goes down.
I pay the same every month or more no matter waht my payment says (so long as the requested payment is lower then my payment).
Cruiser
Joined: Mar 2008
Posts: 125
Likes: 0
RE: Financing help needed
Yes, with both Harley and Chrysler Finance (for the person above who asked), you can pay extra on your loans with no penalty, and it makes a huge difference on the length of time you will pay on your loan, as well as the amount of interest your paying. My old lady and I do this on our house too, we pay double the payment every month, so our 20yr FRM will be paid in less than 10, and we both have very stable jobs, so we can do this.
Dont repay to the point you have no cash leftover yourself, but every now and then, when your online banking, throw 25-50$ on your loan. Twice a month makes a huge difference. You always want to pay as little interest as you can.
The woman is a bank manager, so if you need more detailed info, just ask, ill see what she has to say.
Dont repay to the point you have no cash leftover yourself, but every now and then, when your online banking, throw 25-50$ on your loan. Twice a month makes a huge difference. You always want to pay as little interest as you can.
The woman is a bank manager, so if you need more detailed info, just ask, ill see what she has to say.