I already have two SSL loans with Navy, one for 15 years and one for 5 years, and I have an auto loan paid down with Alliant (they allow you to pay down car loans and make the next payment way off in the future.
Word got out amongst some friends that I know an awful lot about bankruptcy reocovery, so I'm creating a course for my friends and may eventually turn it into a business. Who knows? I have 10 years and 1000s of hours worth of knowledge that is explitiltl;y for those who have filed a BK 7 or BK 13. That is my niche. I'm not here to help those with more normal crdit problems..
To test out Penfed's SSL and be able to compare it to Navy's, today I opened a Penfed SSL for the maximum term, 142 months, for $5,000. The interest rate is 2.05%. They are sending me the docs to sign (not docusign?). Anyway, I intend to pay it down to 8.9% rounded down to the next $500 and see if it will work, advancing the next due date off into the future. I plan to leave maybe $300 on the loan so I won't be paying much interest and it's not so low enough they will just pay it off (like Alliant did to me).
Wish me luck. Any advice my good friends?
The replies on her have been all over the map as to whether by doing a massive prepayment you can keep the next due date far into the future or if you still have to make the regular note payment, which of course would pay it off in a few months.
