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.
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]
@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?
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....