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    Is this a good thing? I don’t understand these kind of things.....

    Each month I pay my car note and I always find something to sock away for the principle. Is this a good move or all for nought? 

    +5  Views: 704 Answers: 4 Posted: 7 years ago

    4 Answers

    ....check your contract

    jhharlan

    What contract?
    Benthere

    ....where you financed your car
    jhharlan

    The dealership?
    Benthere

    ....read the terms of the paperwork they gave you and you signed
    ....check to see if the faster you pay it off the more money you save

    lease a car. You get a new car every 2 years   :-) 

    It's alright Clonge, counties do things differently, my next door neighbour came over one evening years ago with a few bottles of champane to celebrate the paying off their home loan only after 5 years (25 year loan), often wonfered why they did not have furiture, except for food they paid the rest of their saleries off the principal each month you wpould have to be copletely deadicated to go without whilst your friends seem to have everything, possibly not paid for, all i know they went beserk and startd to furnish their home all with cash money, they had the last laugh.

    terryfossil 1

    AAHH Kent ,i remember those days,in the early days we had a pine box for our bed lamps,any building to be done around the house done by us,,you always started out small and worked your way up..nowadays they wanna start at the top and work their way up,,that is not how it is done..>>>>>>>><<<<<<<<..

    JH,the more you take off the principle the less you pay in interest,,unless you guys have a different way of paying off things..>>>>>>>><<<<<<<<..

    jhharlan

    Thank you, that’s what I kind of figured.....
    Clonge

    No...that's the way it is in the Southern Hemisphere!
    bulletman

    Is that right Clonge, how does the loan work , interest wise, i know on a home loan, paying just one dollar more each month off the principal, which lesses the loan 2 years imaging what a hundred dollars would do.--- in Oz.
    Clonge

    bulletman: I hope you know that i was joking. I'm not going to do the math, but years ago I knew that making 13 payments per yr. towards the mortgage on a 30 year term, instead of 12, would shorten the repayment dramatically,


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