12-12-2013 05:56 AM
Good advice above^^^.
You can go to the bankrate.com auto calculator to download the entire amortization schedule that remains so you are working with something accurate.
Also, to the OP, it is admirable that you recognized that a refi wasn't going to work for you. Once you get through this loan entirely you will have an asset for the next vehicle loan. Even if it is not much of an asset valuation wise, at least you won't be carrying over neg equity to the next loan and will be able to get the next vehicle under much better terms.
12-12-2013 07:35 AM
One other relatively painless trick:
Pay the loan 1 week early.
Try to keep doing this each month. eg. Month one 1 week before due date, so three weeks after last payment. Month 2, 2 weeks "early" but 3 weeks after last payment. If you can do this you will be shocked how much interest you will save. On a simple interest loan, you only pay interest on the principal outstanding and your future principal/interest payment ratio changes for the subsequent month. If you need to take a month "off" just pay 4 weeks from the last payment and start over. You will still get the benefit of the reduced total principal amount for the remaining life of the loan.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.