I successfully changed my payment from Monthly to Bi-weekly. They are so old school and their app sucks, but i had to fill out a form that i had to email to them. This will help with my budget, going from $358 monthly down to $179 bi-weekly and paying it off faster and saving on daily interest.
Starting Score: 512
How much do you have financed, how long is the term and what's the APR? You've basically added an extra $29 to your monthly payment. Bi-weekly payments are a pretty common practice when it comes to mortgages as one can see significant interest savings by paying the note off many, many years early, but car loans just aren't that long, so I'm curious what some of the details of your loan are.
@JoeRockhead wrote:How much do you have financed, how long is the term and what's the APR? You've basically added an extra $29 to your monthly payment. Bi-weekly payments are a pretty common practice when it comes to mortgages as one can see significant interest savings by paying the note off many, many years early, but car loans just aren't that long, so I'm curious what some of the details of your loan are.
Yes ^^^
The interest savings and shorter loan term for a vehicle is small compared to a mortgage.
However just for fun I looked at current average interest rates, loan terms and auto prices.
I was surprised, average car price 2023 is over 49,000, interest 6% and term 65+ months
With those numbers by-weekly would save a little.
I plugged in 6%, 5-years and the loan amount to hit OP's payment.
( $18,520 @ 6.0% with $384/mo vs $179 / 2-weeks
The by-weekly will shave 1 month from loan term and ~297 in interest.
By the time the loan is paid that will be a tank of gas 