Frequent Contributor
Posts: 411
Registered: ‎04-18-2007
Re: principle v/s intrest
Good idea for paying more than the minimum. How i do mine is that i transfer $10.00 every day from my checking to my auto loan account and this means an extra $300 per months. I was mad why i didn't think of this earlier. Mine is pretty easy to do because my cu, navyfed displays all your accounts on one page and you can transfer money any time you wish. I just noticed that making such extra payments will reduce my loan months by half and save me kk on interest and take away my negative equity. on some good days i transfer even up to 40.00 and i plan to do this for 18 mos to gain some equity and trade in the car and get one with a better interest rate. i hope this helps. if you are in an upside down situation and can afford to spare 10 bucks a day, do it.