yok3dIS

damn, payin $720 here

lamar411

Not sure what the big deal is, but yeah just pay $515.

bnizzle87

Not Daniel posted something every consumer should know. I wish the Truth in Lending Act would affect auto loans as well. As many people know when they receive their credit card statement, they can see how much the amount would be if they pay the minimum payment or a slightly higher amount. This affects auto loans as well to the same degree. Monthly payments for cars are just like credit cards, aside from the variable amount month to month. Pay more to pay down your principal balance, if possible. I've always asked my salesperson if there are any prepayment penalties for their auto loans, and most of the time there aren't any, which is good because cars are already depreciable assets and minimizing the amount of interest accrued goes a long way. I've always compounded my payments so that I can pay off auto loans faster. It will definitely take some compromise and persistence in terms of saving the additional money, but think of it in the long haul- beyond the ownership of your vehicle. You'll be saving more money the faster you can pay off your vehicle. Best of luck pjjames1!

Dodoma

This is an easy Math problem. You need to determine the present value of the remaining loan payments of $514.72 at the rate you are paying. Discount it to the date you choose. This will give you the present value. Now use $510 instead of $514.72 and find its present value. The difference between these two present values is what you have to offer your lender so that he may agree with your desire payment of $510.

Dvo

iTrader: (5)

$720?! I pay $375

Dodoma

Whether one pays $720 or $375, the issue is "nothing is free". You may pay a low monthly payment by paying a large down payment. Conversely, you may pay a high monthly payment by putting a small or no down payment.

Dvo

iTrader: (5)

Yupp, that's how it is.