need advice on fastest way to pay my truck off
06-08-2009, 11:50 PM
#11
no matter what you still have to pay the full price to pay it off.
best way.
make your regular payments, stick the extra money in the bank.
when you have built up enough in the bank to cover the rest of what is owed.
write them a check, tell them to kiss your ***, and they have 30 days to sign off and send the title.
best way.
make your regular payments, stick the extra money in the bank.
when you have built up enough in the bank to cover the rest of what is owed.
write them a check, tell them to kiss your ***, and they have 30 days to sign off and send the title.
06-09-2009, 02:41 AM
#13
it depends on the bank. If you just over pay you can actually be paying toward your next payment unless you specify to pay toward the principle.
...
Paying toward your principle helps reduce what you pay in interest because the interest is applied on the remaining balance. The less principle you have the less interest you will be paying. However. Calling them and getting a payoff quote helps too. ...
...
Paying toward your principle helps reduce what you pay in interest because the interest is applied on the remaining balance. The less principle you have the less interest you will be paying. However. Calling them and getting a payoff quote helps too. ...
We'll help u spend $ you don't want to spend. 
06-09-2009, 09:03 AM
#14
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ya thats the problem right now, been in the market for a 6.0. found a few and its like buy an engine or pay the truck. so damn tempting when i get a little money in my pocket to splurge on truck parts
06-09-2009, 04:44 PM
#16
banks actually write contracts these days to keep you from paying extra to principle. Especially in this environment. All the ways above worked at one time or another, just depends from contract to the next. I agree with TX, if you are gonna save it and pay later one lump sum ask your self how much are you going to make in savings interest. Then deduct that from what you end up paying in interest on the vehicle. The vehicle will always win (unless our loan interest % is lower than your savings interest %). Therefore, if you are going to put it towards it towards the truck no matter what, then you need to start getting it towards the principle ASAP to help cut your interest payments. Just call them and ask how you can apply money towards the principle ONLY. Then write their name down, extension and location and do what they said.
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