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Level 15

Can I only pay my principle on my car note and not be penalized?

Only images are allowed to be posted as an attachment to posts in this forum. So I can't attach the excel document. Additionally, you can't post e-mail addresses on the public side either. So if you'll send me your e-mail in a private message on this board, I'll be happy to e-mail the document.

 

Level 2

Can I only pay my principle on my car note and not be penalized?

Hello
Your spreadsheet sounds like it can really be helpful. Can you share with me?
Level 4

Can I only pay my principle on my car note and not be penalized?

I need to buy one car
Level 3

Can I only pay my principle on my car note and not be penalized?

What Insurance is this
Level 3

Can I only pay my principle on my car note and not be penalized?

Yes Can You Email Me ?
CAK
Level 2

Can I only pay my principle on my car note and not be penalized?

You have to pay the minimum amount of your car loan so they get their interest that month but you can pay extra on the principal in most cases. What I did was say you are paying 300 a month and your statement indicates that 200 is interest and 100 is principal, I'd designate that another 50 or 100 was for principal. If they give you payment books, I'd take out my monthly payment and then write myself a note on the last payment that I put  that amount on the last payment.  If I gave an extra 100 and the principal was 100 at that time, I'd just fold over  the last payment as that is in essence what I did.  I  hope that makes sense

Level 6

Can I only pay my principle on my car note and not be penalized?

Hello there,
I read your response and would like to request for the link for the spreadsheet.
Thanks you kindly
Level 6

Can I only pay my principle on my car note and not be penalized?

Do you know how to send a private message?

Level 7

Can I only pay my principle on my car note and not be penalized?

Hi @Stevep0070, you're right that interest payments are higher at the beginning of the loan term due to the amortization schedule, but the actual amounts paid towards interest and principal will depend on the interest rate, principal amount financed, and loan term.  For a 6-year loan term, you would need an APR of approximately 22.7% to achieve equal payments towards interest and principal in the last payment of the 3rd year.  A lower APR will result in smaller interest payments and more of your payment going towards the principal.  Please explore the calculator below to determine how your APR will impact your repayment schedule.

 

https://www.amortization-calc.com/auto-car-loan-calculator/

Level 2

Can I only pay my principle on my car note and not be penalized?

Can u email me the excel doc sound useful