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

[Rosaye95]

Please send it to me! I’m a single 24 year old mother and I’m looking for strategies to save money.

[Stevealdenjr]

Greetings
I was reading through this forum and your comment.
Please send me the formula via email at:
[email address removed]

[GIJoeKE89]

Yes you can pay towards principal any time but not ONLY principal.

[Codydm]

Any chance you can email me that excel spread sheet ?

[barnettsl]

Carl, please send me the Excel spreadsheet. My email is: [email address removed]   Thank you!

[KatieH]

@Rosaye95 @Stevealdenjr  @Codydm @barnettsl

@Carl attached the spreadsheet to his last post! You can find it on Page 3 of this thread.

Here's a direct link to his Excel file: https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...

[tami_trox]

I would like this spreadsheet info please. Can you email me at [email address removed]. Thanks so much. 

[tami_trox]

[email address removed] 

[sidendesire]

Hello Caryl,
I just read your post on how you paid off your 30 yrs mortgage on 15 yrs. I couldn't help, but wonder how. Then after I read to the end I found the answer. It really caught my attention. That is because I have a car loan. So I was wondering if you could email the excel link or sheet that you used to calculate interest and principal ... so tht I can plug in numbers and see how quick i pay off my debt if I start paying more than the minimum.
My email is [email address removed]
Thank you..

[KatieH]

@sidendesire  @tami_trox Hi there!  Carl attached the spreadsheet to his last post... you can find it on Page 3 of this thread.

Here's a direct link to his Excel file: https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...

[chriscoleman102]

Carl, you are wrong my friend. I make principal payments all the time on my auto loan. You are required to make your monthly payment but once that is paid I make additional payments on principle balance only. My loan is a typical auto loan nothing special or fancy.

Chris

[lkjulian1958]

Most lenders allow you to make additional payments. If you owe 300.00 per month pay as much more as you can afford. The extra amount will be applied towards the principle and not the interest. Lets Say if your payment is due the 28th if each month. If you can change the time of month you make your Payment then you will have more going towards your principle. Your payment is duethe 28th make you payment day on the 18th then you just saved the interest for that 10 days that you paid early. Your interest is calculated per each day. The early you pay the less interest you pay.

[Skirmn]

Carl is correct, if your car payment is 300.00 halfway through your term and you have 150.00 of that payment going towards principal and 150.00 going to interest. You can not satisfy a monthly payment by paying only principal (150.00). You have to satisfy the monthly payment of 300.00 and anything OVER can be applied directly to principal even if it’s only 1.00. If you pay 400.00 monthly, 300 will satisfy interest and principal, that extra 100 usually goes in a “billing bucket” going to the next monthly payment unless you ask for them to apply it to principal. Some banks will apply to the princ automatically, depends on the bank.

I work for a very large bank (top 10) in the US. Started in collections, worked autos specifically in repo, and now I’m elsewhere with 10 years expierence in the industry.

[Andrea]

Thank you for this. Very helpful!

[Dschrisz66-]

When making payments to the principal by paying more on each payment You MUST specify that you want the extra money to go the principal or they will add it to whatever they want. Like interest or late payment fees. Always specify!!!