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Paying $20.36 on $678 isn't chicken feed.
If you pay it back in 6 months, and have an average balance of $339, it's like you paid
12% interest or so on an annual basis.
@Anonymous wrote:
Sing, does USAA allow to combine limits? Might need another post for this one.
No. No PCs no CL reallocations or combos.
Yes 3.99% on auto loan.
Yeah I'm not sure what SJ is talking about! lol
@Anonymous wrote:Yes 3.99% on auto loan.
Yeah I'm not sure what SJ is talking about! lol
I have never taken a zero balance transfer so someone correct me if i am wrong.
As I understand it, if you need 10,000 for a car, another card, money to invest, etc.
You get the interest/fee of 3% added to the needed funds and the payment calculated from the sum divided by the number of payments
In this example (10,000+3%) = (10000+300) = 10300/11-months = 936.36 per month payments.
This 11 month loan of 10,000 cost 300 and is equivalent to a 10,000 loan at 5.951% interest rate
Keeping existing loan at 3.99% and making the same monthly payments only cost $199, a savings of 101 dollars
I'm only looking to accelerate the payoff. Not save money. For me the 3% I have to borrow is peanuts. But I really like the analytics you've given and I believe you are correct with your math. Thanks man!
@Anonymous wrote:I'm only looking to accelerate the payoff. Not save money. For me the 3% I have to borrow is peanuts. But I really like the analytics you've given and I believe you are correct with your math. Thanks man!
Um but what is the value of accelerating payoff if you roll into another loan?