Hi All-I got to thinking after seeing someones post about paying off a car with a 0% interest credit card, then paying the CC off within the 0% time frame and didnt want to hijack, so heres my question:
I have $5700 left on my car note at 6.9%, payments are $359 and I get BT offers all the time with 3% transfer fees and 14-18 monthes interest free. How do I figure out how much interest I have left on the loan at 6.9% to know if BT'ing it would be a smart move $$$ wise? I just got a promotion at work and will be able to pay $450 a month either way, just want to save some money if possible.
Do you have excel? If so, you can do an amortization schedule which will tell you how much interest you will pay each month. I'm on my Mac or I would just give you the formula.
# of payments owed x payment amount - principal amount owed
Even though the BT has a 3% fee, most balance transfer fees are are capped not to exceed XX dollars per transfer; so read the fine print since you may potentially save a bit. For instance, the fee structure for one of my card is a minimum of $10 or 3%, not exceeding $75.