Credit Card Center Advertiser Disclosure

Regular Contributor
Posts: 157
Registered: ‎01-30-2009
0 Kudos




I currently have a 27000 auto loan (from May 2009) with an interest rate of 13.xx%


Which would make more financial sense? Paying the monthly payment due (562.xx) every month and saving 200 for a refi down payment next may?


or paying 200 every week (making the monthly payment 800), waiting a year and re-financing


Or Paying 575 every three weeks, and therefore making 5 extra payments over one year?



New Member
Posts: 9
Registered: ‎01-27-2009
0 Kudos

Re: Help?

First, go to the mirror and look at that person looking at you and promise them you will never do this again.  Then make a second promise that you will never buy another 27,000 car at 13%.

Right now, work out a plan do you can pay cash for your next car.  Then continue to pay cash for these cars the rest of your life. 

Back to your question.  This advice is from a financial perspective….

Paying off a loan faster is better than saving your money.  Thus either of the last two options will do.  I estimated you had a $27,000 outstanding balance at a 13.75% APR.  Either of the last two options will put you at about $20,400 in one years time.  The first option would leave you with an approximate balance of approx 23,750 and $2,400 cash in your pocket.  Pay off the loan---fast!

Good  luck


Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. 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.