you want to make your normal payment each month on time then within that same payment period make a principal only payment of as much as you want that will reduce how much you pay in interest by a lot while lowering you principal amount.
Unfortunately, no you can not. The most common way to lower your loan balance faster is to pay your regularly scheduled payment
( principle & interest ) PLUS an additional amount on the principle, if you're financially able to do so. Also, shop around for an auto loan which includes a lower interest rate (APR). And remember to never miss a scheduled payment. If it looks like you're going to miss a scheduled payment, call your lender to discuss any options they may offer. Best Regards, me.
@Carl I made a change to the Community settings to allow Excel files as attachments, so you should be able to upload now! Let me know if it doesn't work, or if you come across any other file types you'd like to upload. 🙂
Here is the spreadsheet for anyone who needs it. It's also attached to this post.
Blocks in yellow can be changed. All others are locked to prevent accidents. However, if you want to unlock those locked cells, the password is "password" without the quotation marks.