Thread: Please help: truck loan suggestions needed!!

--- In Budget101_@yahoogroups.com, simplicity@i... wrote:
> Could someone help explain how to figure out how much is owed on
our truck loan?

Hi, do a google search on "debt repayment calculator". (Heck, there's
probably one right on the budget101.com website!) When you find one,
plug in the interest rate and amount of loan and term in months (some
ask for years). Our credit union's website has one, and so do most
mortgage websites. I think http://www.cheapskate.com has one too.

They usually ask you to put in your current payment, and some ask if
you can afford to put more on (how much). It will tell you how much
interest you will save and how much sooner you can pay it off.

HTH,
Sheryl

Part of what I would consider is how long the 0% interest is good for. I think
it is usually a limited time. If it's not, I would definitely consider doing it.
As far as figuring out the details, call the company you financed through to ask
the balance. You can then figure out how long it would take to pay it back by
finding an amortization calculator online. They are usually used to figure
prepaying mortgages but would work for this as well. One I have used, and assume
is still available is on the Miserly Moms website under calculators.
Kathy

You should be able to call the lending company and just ask them what the
current payoff is on the loan.

Nath
nuttymomof4@optonline.net
If patience is a virtue then I'm not very virtuous!! LOL

Thank you all very much!!
)
Kim B

I would highly suggest that you take a look at the fine print on the credit
card and see if making a cash transaction (if you are writing a check) will
cost you. It can cost you a lot of money to write one of those checks.
And you zero % might be good for that long. I personally would stick with
the auto loan.

Theresa
Mommy to Lewie, Ryan and Colin
http://www.BudgetDial.com

You might want to think about refinancing your truck loan at a lower
interest rate. You can check out auto loan refinance rates at
bankrate.com. Good luck!

I have always been counseled, that if you want to make extra payments on
your loan to make your original loan payment and then write another check
and label it to go to the principal.That way it brings down the principal so
in the long run you would be paying less interest... See if your lending
company will allow that.