BI-Weekly Car payments does it help?

[Anonymous]

Hello, 

Wondering if making bi-weekly payments is better and if it will reduce the interst I pay. Below are my car payments. Backstory filed chapter 7 and discharge 7/19. 

NISSAN Financial 

2018 Pathfiner 

$598.18 owe 32,039.82 apr 2.9% 

Toyota Finacial 

2018 Corolla

$546.72 owe 21,180.64 apr 16.84% 

Thanks!

[Anonymous]

I pay all our debts bi-weekly, student loan, vehicle loans, etc and YES, it does help! Additionally, it makes managing finances a bit easier. 

[Anonymous]

I also pay mine bi-weekly.

If you have a few extra dollars to throw at the loan every two weeks, that will help too. Every little bit helps and will add up over the term of the loan.

As I’m sure you know, that Toyota financing is burying you in interest...

[Shooting-For-800]

Pay as soon as you have any money to pay with.

Obviously, attack the higher APR first.

I would really check into refinancing that in a few months.

You may need to be a year out from discharge, but I would keep checking.

[Anonymous]

Thank you all for the response I am starting the process of paying bi-weekly starting this month. 

Yes, Toyota is killing us in interest I tried re fianincing with Capital one didn't see a big improvment on the apr, will try again in the new year.

If I do end up re fianincing with Capital one can I make bi-weekly with them?

Thanks 

[Anonymous]

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If I do end up re fianincing with Capital one can I make bi-weekly with them?

Thanks 

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Yes you can.  I had 2 vehicle loans with Cap One and just paid one off last month but I paid both bi-weekly.  I will say though Cap One is AWFUL about reporting to all CRA's.   They have not updated my loan payments since Sept! 

Try looking for lower rates with a credit union. 

[Anonymous]

I burned my local CU, so i dont think thats an option. 

[Anonymous]

Have you tried DCU or qualify for NFCU?

[Kforce]

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@Anonymous wrote:

Wondering if making bi-weekly payments is better and if it will reduce the interst I pay.

NISSAN Financial / 2018 Pathfiner / $598.18 -- 32,039.82 -- 2.9% 

Bi-Weekly would save  ~ $200 over 5 years

Toyota Finacial / 2018 Corolla / $546.72 -- 21,180.64 -- 16.84% 

Bi-Weekly would save ~ $1,325 over 5 years

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Bi Weekly (200+1,325)   ~  $1,525

[pinkandgrey]

Yes. It's not going to make a HUGE and noticeable immediate difference, but it does help.

Higher total balance = higher daily interest 

So the sooner you pay down the loan (decreasing the total balance and therefore decreasing the daily interest), the fewer days you spend at the higher interest. 

I'm not good at explaining things, but hopefully that made sense lol