[Z06] pay off

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Sep 15, 2005 | 06:09 AM

3 Z06ZR1

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Joined: Mar 2005

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From: salem OR

pay off

Anybody paying more each month to get rid of your loan,I have been putting ave $100.00 over and paying early. This cool bank gives your full credit. My payment was $700. now nothing due , but I still pay least $800.00 Loan started at 38500. thats with plates taxes. I will pay off a year at least ahead. and The big thing is.I am not upside down if I had to sell.

Sep 15, 2005 | 06:30 AM

AFVETTE

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Joined: Sep 1999

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From: Swansea IL

My military credit union offers the same option, but I have .9% loan so I'm in no hurry to pay that off early. I'm using any extra $$ to pay down the house.

But either way it's a good thing.

Tom

Sep 15, 2005 | 07:51 AM

Charles7Mitchell

Pro

Joined: Jun 2004

Posts: 693

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From: Centennial CO

Quote:

Originally Posted by Rock'en Silver 02

Perhaps not a smart move if saving money is the number one objective. Most credit card accounts charge a higher rate of interest than banks. Paying off the highest rate of interest first would save the most money.

Sep 15, 2005 | 08:20 AM

Twil1ght

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Joined: Jun 2004

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From: Las Vegas NV

Quote:

Originally Posted by AFVETTE

My military credit union offers the same option, but I have .9% loan so I'm in no hurry to pay that off early. I'm using any extra $$ to pay down the house.

But either way it's a good thing.

Tom

Those military credit unions are pretty handy... I didn't finance my Z, but my wife did finance her car through Navy Federal and she got .5% - which was really fun to hand to the guy in the finance office at the dealership who tried to hit her for a rediculous 10.85% the night before. God bless the Navy.

Sep 15, 2005 | 08:43 AM

Wah

Melting Slicks

Joined: Apr 2003

Posts: 2,987

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From: Columbus OH

I can't stand having a loan so I paid mine way early. Paid it off in ~20 months (60 months or so loan). Payments were $600 something, the average of the payments I did was in the $2+k range ! The credit union I go with is pretty cool. Any excess payment is automatically applied to the principal, so I didn't even have to include a note with my payment to tell them to apply excess to the principal.

Sep 15, 2005 | 09:05 AM

bobgodd

Racer

Joined: Jul 2005

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From: San Diego CA

if i had the means to pay more than my monthly payment (500) i would do it in a heartbeat.

Sep 15, 2005 | 01:35 PM

Marine

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Joined: Sep 2004

Posts: 404

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From: Camp Pendleton CA

I just pay the payment. Actually I let them draw it right out of my account. I'm in no hurry. Interest rate is so low paying early wouldn't save that much to counter the extra loss per month.
You might want to make sure there isn't a charge for paying it off early either. I pulled out a 3 year loan when I bought my '66 chevelle and went to pay it off 6 months later (After a deployment) they were going to charge me for the full interest anyways. So I said screw you, I'll keep the money.