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.
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
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.