Comments on: how to beat the interest rate on a car loan and still pay quicker? http://autocarloansnow.com/how-to-beat-the-interest-rate-on-a-car-loan-and-still-pay-quicker.html Tue, 10 Apr 2012 00:46:52 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: es http://autocarloansnow.com/how-to-beat-the-interest-rate-on-a-car-loan-and-still-pay-quicker.html/comment-page-1#comment-1466 es Wed, 16 Dec 2009 19:33:18 +0000 http://autocarloansnow.com/how-to-beat-the-interest-rate-on-a-car-loan-and-still-pay-quicker.html#comment-1466 In order to pay it off faster, make extra payments and send a letter with those payments, telling the bank to apply the payment to your principal balance. Otherwise, they credit it toward the interest first. When I was a realtor, I advised my clients to take a 30 year mortgage,and make 13 payments a year, to apply one payment to principal reduction. You'd be amazed at how much that brings down your mortgage balance--almost cuts it in half. Of course, it has less impact for a car, which is a shorter loan, but the same method works. Good luck! In order to pay it off faster, make extra payments and send a letter with those payments, telling the bank to apply the payment to your principal balance. Otherwise, they credit it toward the interest first.

When I was a realtor, I advised my clients to take a 30 year mortgage,and make 13 payments a year, to apply one payment to principal reduction. You’d be amazed at how much that brings down your mortgage balance–almost cuts it in half. Of course, it has less impact for a car, which is a shorter loan, but the same method works.
Good luck!

Like or Dislike: Thumb up 0 Thumb down 0

]]>