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Level 11

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

Each of your payments contains an amount for principal and interest.  It is perfectly fine to pay MORE than the minimum payment, but you can't pay less and specify that it is for the principal only.  Adding even $25 month extra will knock the debt down early since the $25 goes toward the principal.  The more extra you pay per month, the faster that car is paid off.

Level 3

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

Hey Carl, what’s the best way to download the excel spreadsheet?
Level 2

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

I'm always interested in spreadsheets that allow for calculations of time and money. Unfortunately, the link supplied results in error.

 

FYI

Level 2

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

You can actually make principle only payments. I did through my credit union. Typically you have to speak with someone and tell them it is a principle only payment. This is usually done separately from your regular payments. That being said, it does depend on the lender.
Level 2

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

Dont get a loan from the car dealership. Get a loan through a bank yourself and then go purchase the car. Rates are usually lower that way.
Level 2

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

I recently had a Loan and what I would do is make two payments. The first was the minimum payment due, then the second payment would be whatever extra I wanted to pay on the principal. I paid off my loan six months early and saved on interest. It really depends on what type of loan you get so I always recommend when buying a car to ask the lender if you can do so without penalty. I have heard some lenders will not let you pay on the principal unless you are doing a payoff.
Level 2

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

can you please email me your excel spreadsheet at [email address removed]

 

Thank you so much!

 

How do i private message, I did a preview and it still blocks out my email

email is [email address removed]

Level 20

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

@bdavis404 Please return to your post and go to the three little blue dots on the upper right so that you can edit out your email address.  This is a public web site that can be seen by everyone.  Do you want to receive emails and contacts from scammers and identity thieves pretending to be from TurboTax?

Level 2

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

Steven, you can pay more on your auto loan and the more you pay the sooner your vehicle is paid off and less interest you pay. I have a loan on my vehicle and I pay more then my payments t is and the loan payment is paid for the amount it is and anything extra goes to principle. I don't know who you get your loans through but every loan I have had even for my mortgage was the same way. Anything paid extra went to principle to lower the interest on the loan. You must be dealing with some crocked loan companies if they are doing that to you or if that is what you think as I have never taken a loan to the end of the term as I have paid it off sooner then they have given me the loan for and paid less interest with no penalties....

Level 2

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

This is my email so you can send me the Excel: [email address removed]. Thanks!

Emmanuel

Level 2

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

No to your intital answer.

However, I have had the same problem, except my payments were $495.33 with a 1.9% APR, 72 month loan. Tell me why I have paid over $6000.00 on a car, making more than the monthly payment and have only paid $2000.00 on my whole loan. I have a lawyer on this case, but im pretty sure the finance company isn't following the armortized schedule and more. I cant figure out where they have applied the money towards.