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03-15-2006, 08:01 PM #1
Please help: truck loan suggestions needed!!
Could someone help explain how to figure out how much is owed on our
I'm wondering what kind of difference it would make to pay $1000 or
$2000 ahead on this loan. If I should take $5000 free interest money
from a credit card and place on this loan? Any suggestions would
greatly be appreciated!!!
We took a loan for 8,446 with 9.638% interest.
We'd like to know how to figure out how much is left to pay.
We have already made 12 pymts of 212.12
Principal Amount 8446 Interest Rate: 9.500% per annum on the unpaid
principal balance from Feb 20,2002, and all subsequent payments are
due on the same day of each month after that.
My final payment will be due on February 20, 2006, and will be for
all principal and all accrued interest not yet paid. Payments include
principal and interest. Unless otherwise agreed or required by
applicable law, payments will be applied first to accrued unpaid
interest, then to principal.
Interest on this Agreement is computed on a 365/365 simple interest
basis; that is, by applying the ratio of the annual interest rate
over the number of days in a year, multiplied by outstanding
principal balance, multiplied by the actual number of days the
principal balance is outstanding.
Prepayment: I may pay without penalty all or a portion of the amount
owed earlier than it is due. Early payments will not, unless agreed
to by Lender in writing, relieve me of my obligation to continue to
make payments under the payment schedule. Rather, early payments will
reduce the principal balance due and may result in my making fewer
Date: Thu Mar 6, 2003 11:52 am
Subject: Please help: truck loan suggestions needed!!
03-15-2006, 08:02 PM #2
--- 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.
03-15-2006, 08:02 PM #3
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.
03-15-2006, 08:02 PM #4
03-15-2006, 08:02 PM #5
Thank you all very much!!
03-15-2006, 08:03 PM #6
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.
Mommy to Lewie, Ryan and Colin
03-15-2006, 08:03 PM #7
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!
03-15-2006, 08:03 PM #8
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.
03-15-2006, 08:04 PM #9
>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.
Would that be the same thing as 'rolling over' the payment?
I asked once about paying ahead and the loan officer said to be sure
to tell them to roll it over.
Does roll over mean make it go to the principle??
Thank you all soooo much!