topic Re: Can I only pay my principle on my car note and not be penalized? in Other financial discussions https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804 <P><LI-USER uid="9621"></LI-USER>&nbsp;can you email me that formula you use?&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>JoeyC9000 at gmail&nbsp;</P><P>&nbsp;</P><P>Thanks in advance</P> Thu, 13 Feb 2020 02:20:02 GMT JoeyC9000 2020-02-13T02:20:02Z Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6408#M174 <P>I pay a little over $300 a month and in 10 months I've only contributed $500 towards the loan amount...&gt;:-[</P> Thu, 18 Oct 2018 16:36:07 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6408#M174 fcyoungblood 2018-10-18T16:36:07Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6425#M175 <P>You'll have to talk with the lender about that, as it depends on the terms of your loan. I seriously doubt however, the lender will do that. But if your payments are only $300 a month, if you pay more than that each month the&nbsp; additional amount will reduce the principle by that additional amount, resulting in less of each payment going towards the interest, more going towards the principle, and you'll pay off the loan that much faster and sooner.</P><P>&nbsp;</P> Fri, 05 Oct 2018 18:29:52 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6425#M175 Carl 2018-10-05T18:29:52Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6488#M176 In my personal experience, you are required to make the minimum monthly payment that contributes to the interest and principal balance. When making payments, there have been options to make additional payments towards the principal only. That will reduce your overall balance and reduce the overall interest you pay over time. Mon, 08 Oct 2018 15:39:06 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6488#M176 HurricaneWray 2018-10-08T15:39:06Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6801#M177 Can i Thu, 18 Oct 2018 15:33:30 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6801#M177 308nw2ndst 2018-10-18T15:33:30Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7628#M178 Short answer is no. Loans are amortized in a way that at the beginning of the loan you are paying mostly interest and at the end you are paying mostly principle. That is why you haven’t paid much down on the principle. Say your loan is a 6 year loan. At 3 years in, half of you payment will go to principle and the other half toward interest. The first year years more interest than principle and the second 3 years more principle than interest. Think of the letter X on a graph where the top left line is interest and the bottom left line is principle. Thu, 22 Nov 2018 16:23:17 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7628#M178 Stevep0070 2018-11-22T16:23:17Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7636#M179 <P>I had a 30 year mortgage on one of my rental properties that I purchased in 2002. By adding $100 a month to each payment I paid off this property in less than 15 years. Now there is a formula one can use in an Excel spreadsheet that allows you to "plug in" values such as payment period, amount, interest rate and loan term. It will show you how long it will take to pay off a mortgage by changing the monthly payment (or whatever the payment period is, if not monthly.)</P> <P>&nbsp;</P> <P>Now on the attached Excel spreadsheet I've set it up for monthly payments using the same formula that banks use to figure interest rate based on your outstanding balance each month.. In the first line of figure (line 3 on the attached) you can change the figures in columns A, B and C of row 3 with whatever your loan amount is, the monthly payment, and the Interest rate. You can change your monthly payment to see what difference it will make on your time to pay off the loan.&nbsp; The items you can change are in bold print. The sheet is password protected so that you can only change the variables and not accidentally mess up the formula. But if you want to play with it, I've set the password on this uploaded copy to "password" (without the quotation marks) so you can unprotect it if desired.</P> Fri, 01 Feb 2019 00:15:50 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7636#M179 Carl 2019-02-01T00:15:50Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7642#M180 Carl, can you please email me the link? [email address removed] Fri, 23 Nov 2018 00:46:27 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7642#M180 mkyiela 2018-11-23T00:46:27Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7792#M181 U don't know what you talking about. You can pay towards the principal anytime, still paying your monthly payments as required. Paying towards your principal will help you pay your car note faster. I used to sell cars. Wed, 28 Nov 2018 02:50:31 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7792#M181 kigwena 2018-11-28T02:50:31Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7798#M182 <P>When you make a car payment (or almost any type of loan payment) the first thing that payment is applied to is the interest due with that payment. Next, if the payment is late then any late fees, fines or penalties are subtracted from the payment. Then what is left is applied to the principle. So if your car payment is $300 a month and you want to pay $400 you can most certainly do that. Doing so will knock down your principle an additional $100 for that month.</P><P>But No, you can not pay *ONLY* the principle. In some situations you can pay only the interest. But unless you've got some kind of weird loan agreement (which would not be provided by a legitimate lender) you can not pay *ONLY* the principle.</P><P>I've helped friends in situations where they could not make a mortgage payment one month. So we called the bank prior to the due date of the payment and they allowed payment of interest only for that month and just tacked an additional payment on the end of the 360 month loan. This allowed the borrower to get through a rough month (major car repairs) and still keep their credit and payment history intact.</P><P>"U don't know what you talking about."</P><P>Selling cars does not mean one understands how loans work. Loans can be set up many ways, and in a fair number of cases conditions of the loans can be altered when doing so is favorable to the lender first, and the borrower second. Additionally, personal attacks in this public forum are uncalled for and serve no purpose. That's what facebook is for.</P><P>&nbsp;</P> Wed, 28 Nov 2018 14:19:03 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7798#M182 Carl 2018-11-28T14:19:03Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7877#M183 I would be very interested in this formula for excel. Fri, 30 Nov 2018 22:24:46 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7877#M183 Tiffanyhutchins 2018-11-30T22:24:46Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7880#M184 <P>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.</P><P>&nbsp;</P> Fri, 30 Nov 2018 23:04:08 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7880#M184 Carl 2018-11-30T23:04:08Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7914#M185 Hello<BR />Your spreadsheet sounds like it can really be helpful. Can you share with me? Mon, 03 Dec 2018 01:32:34 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7914#M185 1208dhadyway 2018-12-03T01:32:34Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7915#M186 I need to buy one car Mon, 03 Dec 2018 03:42:46 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7915#M186 Irvincabrera18 2018-12-03T03:42:46Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7916#M187 What Insurance is this Mon, 03 Dec 2018 03:45:18 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7916#M187 308nw2ndst 2018-12-03T03:45:18Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8155#M188 Yes Can You Email Me ? Fri, 14 Dec 2018 13:35:48 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8155#M188 1016193 2018-12-14T13:35:48Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8233#M189 <P>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&nbsp; that amount on the last payment.&nbsp; If I gave an extra 100 and the principal was 100 at that time, I'd just fold over&nbsp; the last payment as that is in essence what I did.&nbsp; I&nbsp; hope that makes sense</P> Mon, 17 Dec 2018 18:09:36 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8233#M189 CAK 2018-12-17T18:09:36Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8317#M190 Hello there,<BR />I read your response and would like to request for the link for the spreadsheet.<BR />Thanks you kindly Fri, 21 Dec 2018 00:29:19 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8317#M190 Char 2018-12-21T00:29:19Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8476#M191 <P>Do you know how to send a private message?</P> Sat, 29 Dec 2018 20:06:37 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8476#M191 Scooter 2018-12-29T20:06:37Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8629#M192 <P>Hi&nbsp;<LI-USER uid="18551"></LI-USER>, you're right that interest payments are&nbsp;higher&nbsp;at the beginning of the loan term due to the amortization schedule, but the actual&nbsp;amounts paid towards interest and principal will depend on the interest rate, principal amount financed, and loan term.&nbsp; For a 6-year loan term, you would need an APR of approximately 22.7% to achieve equal payments towards interest and principal&nbsp;in the last payment of the 3rd year.&nbsp; A lower APR will result in smaller interest payments and more of your&nbsp;payment going towards the principal.&nbsp; Please&nbsp;explore the calculator below to determine how your APR will impact your repayment schedule.</P><P>&nbsp;</P><P><A href="https://www.amortization-calc.com/auto-car-loan-calculator/" target="_blank">https://www.amortization-calc.com/auto-car-loan-calculator/</A></P> Thu, 03 Jan 2019 19:51:32 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8629#M192 gary_p 2019-01-03T19:51:32Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8818#M193 Can u email me the excel doc sound useful Wed, 09 Jan 2019 02:59:14 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8818#M193 K9handler807 2019-01-09T02:59:14Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8945#M194 I would love the excel spreadsheet you were talking about in this thread if you wouldn't mind, that sounds amazing! I'm in the process of building a house! Here is my email:<BR />[email address removed] Mon, 14 Jan 2019 00:20:04 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8945#M194 livn4him11 2019-01-14T00:20:04Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9012#M195 <P>you want to make your normal payment each month on time then within that same payment period make a principal only payment of as much as you want that will reduce how much you pay in interest by a lot while lowering you principal amount.</P> Tue, 15 Jan 2019 05:05:34 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9012#M195 bigben425 2019-01-15T05:05:34Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9030#M196 <P><LI-USER uid="9621"></LI-USER>&nbsp;Also can you send me the graph?</P><P>[email address removed]</P> Tue, 15 Jan 2019 18:10:30 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9030#M196 Davekellz 2019-01-15T18:10:30Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9062#M197 That sounds like you have a very high interest rate. The best thing you can do is pay more every month. Anything above your required payment will go towards your principal. You should also look into refinancing for a lower rate Wed, 16 Jan 2019 01:44:39 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9062#M197 Farrock02 2019-01-16T01:44:39Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9119#M198 You can pay as much as you want towards the principal if you car payment is 400 you can pay as much as you want after that and it will.go towards the principal Thu, 17 Jan 2019 00:11:27 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9119#M198 Credit1 2019-01-17T00:11:27Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9165#M199 <P>Unfortunately, no you can not. &nbsp;The most common way to lower your loan balance faster is to pay your regularly scheduled payment</P><P>( principle &amp; interest ) PLUS an additional amount on the principle, if you're financially able to do so. &nbsp; Also, shop around for an auto loan which includes a lower interest rate (APR). &nbsp;And remember to never miss a scheduled payment. &nbsp;If it looks like you're going to miss a scheduled payment, call your lender to discuss any options they may offer. &nbsp;Best Regards, me.</P> Thu, 17 Jan 2019 17:43:23 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9165#M199 waymaker3 2019-01-17T17:43:23Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9554#M200 <P>This is somewhat true but you can make payments toward the principle at any time as long as your loan is current.&nbsp;</P> Fri, 25 Jan 2019 04:16:13 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9554#M200 DMcNeal 2019-01-25T04:16:13Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9557#M201 I would like the link for that spreadsheet of you can please Fri, 25 Jan 2019 05:30:34 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9557#M201 tmccraigie 2019-01-25T05:30:34Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9601#M202 <P><LI-USER uid="9621"></LI-USER>&nbsp;I made a change to the Community settings to allow Excel files as attachments, so you should be able to upload now! Let me know if it doesn't work, or if you come across any other file types you'd like to upload. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P> Fri, 25 Jan 2019 18:41:35 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9601#M202 KatieH 2019-01-25T18:41:35Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9660#M203 <P><FONT size="5"><STRONG>Here is the spreadsheet for anyone who needs it. It's also attached to this post.</STRONG></FONT></P> <P><FONT size="5"><STRONG><A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...</A></STRONG></FONT></P> <P>&nbsp;</P> <P>Blocks in yellow can be changed. All others are locked to prevent accidents. However, if you want to unlock those locked cells, the password is "password" without the quotation marks.</P> <P>&nbsp;</P> Fri, 01 Feb 2019 00:11:13 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9660#M203 Carl 2019-02-01T00:11:13Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9722#M204 Please send it to me! I’m a single 24 year old mother and I’m looking for strategies to save money. Sat, 26 Jan 2019 22:59:58 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9722#M204 Rosaye95 2019-01-26T22:59:58Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10085#M205 Greetings<BR />I was reading through this forum and your comment.<BR />Please send me the formula via email at:<BR />[email address removed] Tue, 29 Jan 2019 22:47:06 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10085#M205 Stevealdenjr 2019-01-29T22:47:06Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10120#M206 Yes you can pay towards principal any time but not ONLY principal. Wed, 30 Jan 2019 03:14:07 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10120#M206 GIJoeKE89 2019-01-30T03:14:07Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10129#M207 Any chance you can email me that excel spread sheet ? Wed, 30 Jan 2019 07:50:25 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10129#M207 Codydm 2019-01-30T07:50:25Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10159#M208 <P>Carl, please send me the Excel spreadsheet. My email is: [email address removed]&nbsp;&nbsp; Thank you!</P> Wed, 30 Jan 2019 15:41:14 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10159#M208 barnettsl 2019-01-30T15:41:14Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10172#M209 <P><LI-USER uid="27010"></LI-USER>&nbsp;<LI-USER uid="29685"></LI-USER>&nbsp;<LI-USER uid="30093"></LI-USER>&nbsp;<LI-USER uid="30266"></LI-USER></P> <P>&nbsp;</P> <P><LI-USER uid="9621"></LI-USER>&nbsp;attached the spreadsheet to his last post! You can find it on Page 3 of this thread.</P> <P>&nbsp;</P> <P>Here's a direct link to his Excel file:&nbsp;<A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls</A></P> <P>&nbsp;</P> Wed, 30 Jan 2019 16:37:46 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10172#M209 KatieH 2019-01-30T16:37:46Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10341#M210 <P>I would like this spreadsheet info please. Can you email me at [email address removed]. Thanks so much.&nbsp;</P> Thu, 31 Jan 2019 17:36:14 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10341#M210 tami_trox 2019-01-31T17:36:14Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10344#M211 <P><A href="mailto:[email address removed]" target="_blank">[email address removed]</A>&nbsp;</P> Thu, 31 Jan 2019 17:38:14 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10344#M211 tami_trox 2019-01-31T17:38:14Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10440#M212 Hello Caryl,<BR />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.<BR />My email is [email address removed]<BR />Thank you.. Thu, 31 Jan 2019 23:35:40 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10440#M212 sidendesire 2019-01-31T23:35:40Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10446#M213 <P><LI-USER uid="31719"></LI-USER>&nbsp;<LI-USER uid="31349"></LI-USER>&nbsp;Hi there!&nbsp; Carl attached the spreadsheet to his last post... you can find it on Page 3 of this thread.</P> <P>&nbsp;</P> <P>Here's a direct link to his Excel file:&nbsp;<A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...</A></P> Fri, 01 Feb 2019 00:08:43 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10446#M213 KatieH 2019-02-01T00:08:43Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10632#M214 <P>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.</P><P>&nbsp;</P><P>Chris</P> Sat, 02 Feb 2019 04:28:09 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10632#M214 chriscoleman102 2019-02-02T04:28:09Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11082#M215 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. Tue, 05 Feb 2019 00:12:13 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11082#M215 lkjulian1958 2019-02-05T00:12:13Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11243#M216 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.<BR /><BR />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. Tue, 05 Feb 2019 23:22:16 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11243#M216 Skirmn 2019-02-05T23:22:16Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11485#M217 <P>Thank you for this. Very helpful!</P><P>&nbsp;</P> Thu, 07 Feb 2019 14:32:56 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11485#M217 Andrea 2019-02-07T14:32:56Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11689#M218 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!!! Fri, 08 Feb 2019 18:01:14 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11689#M218 Dschrisz66- 2019-02-08T18:01:14Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/12619#M219 Carl! THANK YOU. That is very useful I really appreciate it thanks. Wed, 13 Feb 2019 22:38:57 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/12619#M219 Rg11217 2019-02-13T22:38:57Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/14742#M220 <P>your note agreement would tell you.&nbsp; Should not normally be a penalty for paying extra each month.&nbsp; this only makes sense though if you dont carry a balance on higher interest rate credit cards.&nbsp; payoff the cards 1st.</P> Wed, 20 Feb 2019 05:22:23 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/14742#M220 jt-of-sw-fl 2019-02-20T05:22:23Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17188#M221 <P>Mortgage and auto loans are different. The formula in the spreadsheet will not work for auto loans. Here is why:</P><P>mortgage payments are different from car loan payments. A good way to think about mortgages is that one 30-year mortgage doesn’t have a single loan, but rather individual loans with terms of 360 months, then one for 359 months, then one for 358 months and so on, all strung together.</P><P>Each month sees a payment calculated with a smaller loan balance over the new shorter term, and while the total of the payment remains the same, the amount of interest you pay in a given month decreases while the amount of principal a person pays increases. If you prepay mortgage, you save money on paying interest.</P><P>Car loans can either be: simple interest add-on (or pre calculated) loans or simple interest amortizing loans. Simple interest add-on loans are written as a single loan. All of the interest that will be due is calculated up front, added to the total of the loan as a finance charge, then that sum is divided over the number of months in the term to arrive at monthly payment.</P><P>Each payment consists of exactly the same amount of principal and interest. Prepayment won’t save money because all calculated interest has to be paid. Simple interest amortizing loans are the most common type of auto financing available. They work like a mortgage, with a declining loan balance and declining term producing a constant monthly payment with changing compositions of principal and interest. Prepaying such a loan can save you some money.</P> Wed, 27 Feb 2019 15:48:50 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17188#M221 maybird80 2019-02-27T15:48:50Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17624#M222 Stop borrowing money. If you just think about it you are giving away your money. Save up and buy a car. Fri, 01 Mar 2019 23:14:56 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17624#M222 Bob3 2019-03-01T23:14:56Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17834#M223 <P>This thread is pretty helpful, however, what I have gathered somewhat confuses me in regards to my auto loan payments.&nbsp;</P><P>&nbsp;</P><P>For a 5 figure loan, my minimum payment began at $350/mo for a 3.3% rate starting November of 2017. I have steadily paid $550 each month since I started and my minimum payment has been $0 for a while. Obviously I still have a balance and my payment has not changed, but that doesn't necessarily mean my $550 is 100% principal right? How is the principal/interest payment calculated then? Am I only paying interest at that point and a really good chunk of my payment is principal now? I guess I just really don't understand how my lender changed my min. payment from $350 to $0.</P> Sun, 03 Mar 2019 16:50:12 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17834#M223 Amedina1490 2019-03-03T16:50:12Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/18658#M224 You must pay the minimum due. This usually includes a little bit of principle and lot of interest since auto loans are usually front loaded.<BR />As far as paying any additional towards only the principle, you'd have to talk to your lender or read through your contract. With my loan for example, any additional payment I make is applied to next month's payment up to 2 months before being applied to the principle. However, if I call them and make a large payment (common during tax return season) it will all apply directly to the principle. Fri, 08 Mar 2019 13:27:12 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/18658#M224 dcland 2019-03-08T13:27:12Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20071#M225 When you send in extra payments, you need to make sure how the lender applies the extra funds. They may apply it towards your next payment and not toward the principal only. You have to be very specific with some lenders. They don’t always apply the overage to principal. Thu, 21 Mar 2019 02:09:11 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20071#M225 Bailsmb 2019-03-21T02:09:11Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20173#M226 Yes, if you make the minimum payment, then you can pay some of the principle balance. But you have to make sure you specify when you make the payment you want it going to the principle. If not they will put most of it to the interest Fri, 22 Mar 2019 15:30:38 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20173#M226 Lacayo 2019-03-22T15:30:38Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20363#M227 <P>Super Carl,</P><P>Thank you for the spreadsheet.</P> Sun, 24 Mar 2019 20:02:58 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20363#M227 theBasque 2019-03-24T20:02:58Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20552#M228 You must have a higher interest rate. I think the smartest move would be to let go of the ego of have a newer car.. sell the car and buy a much cheaper car. It will save you so much money in the long run. Tue, 26 Mar 2019 14:51:11 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20552#M228 Cody 2019-03-26T14:51:11Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20604#M229 My car payment was a little over $278 a month but for all but 2 payments, I’ve paid $300 a month and it still has shortened the amount of time to pay it off, in addition to some of the interest. Tue, 26 Mar 2019 23:51:55 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20604#M229 Paula856 2019-03-26T23:51:55Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/22465#M230 To make it a little easier you can also visit bankrate.com and play around with extra payments at various times of the year Tue, 09 Apr 2019 00:03:27 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/22465#M230 Misfit 2019-04-09T00:03:27Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/23403#M231 In a short answer, no. You have to make the minimum payment. Then pay extra and tell them, specifically, that the extra payment is to go towards the principle. Always do the payments separate so you can see and make sure it is going toward the principle. Sun, 14 Apr 2019 01:01:25 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/23403#M231 Moretowealththanmoney 2019-04-14T01:01:25Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/24430#M232 <P>I agree with&nbsp;<LI-USER uid="19230"></LI-USER>&nbsp; he is right, You can also use this <A title="Amortization calculator" href="https://calculatorly.com/amortization-calculator/" target="_self">Amortization calculator</A></P> Wed, 24 Apr 2019 11:53:12 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/24430#M232 Calculatorly 2019-04-24T11:53:12Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/27653#M233 Plus - by paying more you’ll, effectively reduce your interest rate Sun, 26 May 2019 17:45:26 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/27653#M233 Crash Riprock 2019-05-26T17:45:26Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/164709#M236 <P>Each of your payments contains an amount for principal and interest.&nbsp; 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.&nbsp;&nbsp;Adding even $25 month extra will knock the debt down early since the $25 goes toward the principal.&nbsp; The more extra you pay per month, the faster that car is paid off.</P> Sat, 01 Jun 2019 13:24:22 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/164709#M236 tygrtchr 2019-06-01T13:24:22Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/821973#M275 Hey Carl, what’s the best way to download the excel spreadsheet? Sun, 30 Jun 2019 13:12:18 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/821973#M275 Keyezell 2019-06-30T13:12:18Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829745#M302 <P>I'm always interested in spreadsheets that allow for calculations of time and money. Unfortunately, the link supplied results in error.</P><P>&nbsp;</P><P>FYI</P> Wed, 17 Jul 2019 19:13:05 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829745#M302 lloyd1981 2019-07-17T19:13:05Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829796#M303 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. Wed, 17 Jul 2019 20:18:54 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829796#M303 JQ83 2019-07-17T20:18:54Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831823#M310 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. Mon, 22 Jul 2019 21:32:08 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831823#M310 Saiquan27 2019-07-22T21:32:08Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831866#M311 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. Mon, 22 Jul 2019 23:00:45 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831866#M311 Mr_Roundtree 2019-07-22T23:00:45Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844168#M388 <P>can you please email me your excel spreadsheet at [email address removed]</P> <P>&nbsp;</P> <P>Thank you so much!</P> <P>&nbsp;</P> <P>How do i private message, I did a preview and it still blocks out my email</P> <P>email is [email address removed]</P> Thu, 22 Aug 2019 23:03:04 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844168#M388 bdavis404 2019-08-22T23:03:04Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844209#M389 <P><LI-USER uid="444543"></LI-USER>&nbsp;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.&nbsp; This is a public web site that can be seen by everyone.&nbsp; Do you want to receive emails and contacts from scammers and identity thieves pretending to be from TurboTax?</P> Thu, 22 Aug 2019 23:03:26 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844209#M389 xmasbaby0 2019-08-22T23:03:26Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/852618#M440 <P>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....</P> Mon, 16 Sep 2019 19:01:51 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/852618#M440 Grammyb2 2019-09-16T19:01:51Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855294#M451 <P>This is my email so you can send me the Excel: [email address removed]. Thanks!</P><P>Emmanuel</P> Tue, 24 Sep 2019 03:21:06 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855294#M451 jahman4us 2019-09-24T03:21:06Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855647#M454 <P>No to your intital answer.</P><P>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.</P> Wed, 25 Sep 2019 00:57:51 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855647#M454 KA12 2019-09-25T00:57:51Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/872420#M509 <P>Refinance and lower your interest rate.</P> Fri, 25 Oct 2019 23:17:28 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/872420#M509 Jamarra 2019-10-25T23:17:28Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/950541#M516 <P>Can you share the spreadsheet with me. I am not really familiar with excel, but am very interested. I do have the software on my computer, just never used it.&nbsp;</P> Mon, 04 Nov 2019 13:46:41 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/950541#M516 Fireflies102120 2019-11-04T13:46:41Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/951863#M532 <P>Read the contract carefully ... there may have been other fine print or nuances that have come into play ... like you were late on just one payment&nbsp; or&nbsp; that the loan is being computed at a higher rate however if you make all your payments on time during the loan period then the unpaid balance is forgiven making the overall rate the lower expected amount.&nbsp;&nbsp;</P> Thu, 07 Nov 2019 13:26:46 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/951863#M532 Critter 2019-11-07T13:26:46Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1083584#M755 <P>Another helpful trick, interest is accrued daily, so paying your note 2-3 weeks in advance will reduce the overall interest your paying on the bill monthly and the daily accrued amount will only start after that bill cycle is past (i.e. Car Note due on Feb 28th , make the payment on Feb 14th, you save on 14 days of interest and the interest doesn't start adding back up until Feb. 29th (since its a leap year)) <span class="lia-unicode-emoji" title=":winking_face:">😉</span></P> Tue, 04 Feb 2020 19:14:39 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1083584#M755 rodven 2020-02-04T19:14:39Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1103044#M762 <P>Yes even if you pay your reg monthly payment and an additional 100-150 dollars extra a month it will reduce your interest over the life of the loan and pay down the principle ... just make sure that you tell them to apply it to the principal!&nbsp;</P> Fri, 07 Feb 2020 02:09:21 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1103044#M762 mntnheaven3 2020-02-07T02:09:21Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145238#M803 <P>Kinda but no. With my first vehicle my payment was 270 and I was making 300 payments. After a few statements I saw that half was going to interest. So I called and asked if I could pay only the principle. No, itd have to be at least 80/20, which is reasonable. Needless to say, I paid it off early.&nbsp;</P><P>Now my second vehicle I got with a different place and theirs is 'unalterable'. So I'm making 500 payments on a simple interest loan. Meaning if I pay it on time then 40% goes to the principle but if it's late then the interest part receives more. As high as 80% to the interest. My last statement was 345 to interest and only 155 to the truck. <span class="lia-unicode-emoji" title=":nauseated_face:">🤢</span></P> Thu, 13 Feb 2020 02:14:35 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145238#M803 JoeyC9000 2020-02-13T02:14:35Z Re: Can I only pay my principle on my car note and not be penalized? https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804 <P><LI-USER uid="9621"></LI-USER>&nbsp;can you email me that formula you use?&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>JoeyC9000 at gmail&nbsp;</P><P>&nbsp;</P><P>Thanks in advance</P> Thu, 13 Feb 2020 02:20:02 GMT https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804 JoeyC9000 2020-02-13T02:20:02Z
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topic Re: Can I only pay my principle on my car note and not be penalized? in Other financial discussions
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804
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<P><LI-USER uid="9621"></LI-USER>&nbsp;can you email me that formula you use?&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>JoeyC9000 at gmail&nbsp;</P><P>&nbsp;</P><P>Thanks in advance</P>
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<pubDate>Thu, 13 Feb 2020 02:20:02 GMT</pubDate>
<dc:creator>JoeyC9000</dc:creator>
<dc:date>2020-02-13T02:20:02Z</dc:date>
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Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6408#M174
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<P>I pay a little over $300 a month and in 10 months I've only contributed $500 towards the loan amount...&gt;:-[</P>
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<pubDate>Thu, 18 Oct 2018 16:36:07 GMT</pubDate>
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<dc:creator>fcyoungblood</dc:creator>
<dc:date>2018-10-18T16:36:07Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6425#M175
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<P>You'll have to talk with the lender about that, as it depends on the terms of your loan. I seriously doubt however, the lender will do that. But if your payments are only $300 a month, if you pay more than that each month the&nbsp; additional amount will reduce the principle by that additional amount, resulting in less of each payment going towards the interest, more going towards the principle, and you'll pay off the loan that much faster and sooner.</P><P>&nbsp;</P>
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<pubDate>Fri, 05 Oct 2018 18:29:52 GMT</pubDate>
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<dc:creator>Carl</dc:creator>
<dc:date>2018-10-05T18:29:52Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6488#M176
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In my personal experience, you are required to make the minimum monthly payment that contributes to the interest and principal balance. When making payments, there have been options to make additional payments towards the principal only. That will reduce your overall balance and reduce the overall interest you pay over time.
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<pubDate>Mon, 08 Oct 2018 15:39:06 GMT</pubDate>
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<dc:creator>HurricaneWray</dc:creator>
<dc:date>2018-10-08T15:39:06Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/6801#M177
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<description>Can i</description>
<pubDate>Thu, 18 Oct 2018 15:33:30 GMT</pubDate>
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<dc:creator>308nw2ndst</dc:creator>
<dc:date>2018-10-18T15:33:30Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7628#M178
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Short answer is no. Loans are amortized in a way that at the beginning of the loan you are paying mostly interest and at the end you are paying mostly principle. That is why you haven’t paid much down on the principle. Say your loan is a 6 year loan. At 3 years in, half of you payment will go to principle and the other half toward interest. The first year years more interest than principle and the second 3 years more principle than interest. Think of the letter X on a graph where the top left line is interest and the bottom left line is principle.
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<pubDate>Thu, 22 Nov 2018 16:23:17 GMT</pubDate>
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<dc:creator>Stevep0070</dc:creator>
<dc:date>2018-11-22T16:23:17Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7636#M179
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<P>I had a 30 year mortgage on one of my rental properties that I purchased in 2002. By adding $100 a month to each payment I paid off this property in less than 15 years. Now there is a formula one can use in an Excel spreadsheet that allows you to "plug in" values such as payment period, amount, interest rate and loan term. It will show you how long it will take to pay off a mortgage by changing the monthly payment (or whatever the payment period is, if not monthly.)</P> <P>&nbsp;</P> <P>Now on the attached Excel spreadsheet I've set it up for monthly payments using the same formula that banks use to figure interest rate based on your outstanding balance each month.. In the first line of figure (line 3 on the attached) you can change the figures in columns A, B and C of row 3 with whatever your loan amount is, the monthly payment, and the Interest rate. You can change your monthly payment to see what difference it will make on your time to pay off the loan.&nbsp; The items you can change are in bold print. The sheet is password protected so that you can only change the variables and not accidentally mess up the formula. But if you want to play with it, I've set the password on this uploaded copy to "password" (without the quotation marks) so you can unprotect it if desired.</P>
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<pubDate>Fri, 01 Feb 2019 00:15:50 GMT</pubDate>
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7636#M179
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<dc:creator>Carl</dc:creator>
<dc:date>2019-02-01T00:15:50Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7642#M180
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Carl, can you please email me the link? [email address removed]
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<pubDate>Fri, 23 Nov 2018 00:46:27 GMT</pubDate>
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7642#M180
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<dc:creator>mkyiela</dc:creator>
<dc:date>2018-11-23T00:46:27Z</dc:date>
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Re: Can I only pay my principle on my car note and not be penalized?
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https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7792#M181
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U don't know what you talking about. You can pay towards the principal anytime, still paying your monthly payments as required. Paying towards your principal will help you pay your car note faster. I used to sell cars.
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<pubDate>Wed, 28 Nov 2018 02:50:31 GMT</pubDate>
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<dc:creator>kigwena</dc:creator>
<dc:date>2018-11-28T02:50:31Z</dc:date>
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<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7798#M182
</link>
<description>
<P>When you make a car payment (or almost any type of loan payment) the first thing that payment is applied to is the interest due with that payment. Next, if the payment is late then any late fees, fines or penalties are subtracted from the payment. Then what is left is applied to the principle. So if your car payment is $300 a month and you want to pay $400 you can most certainly do that. Doing so will knock down your principle an additional $100 for that month.</P><P>But No, you can not pay *ONLY* the principle. In some situations you can pay only the interest. But unless you've got some kind of weird loan agreement (which would not be provided by a legitimate lender) you can not pay *ONLY* the principle.</P><P>I've helped friends in situations where they could not make a mortgage payment one month. So we called the bank prior to the due date of the payment and they allowed payment of interest only for that month and just tacked an additional payment on the end of the 360 month loan. This allowed the borrower to get through a rough month (major car repairs) and still keep their credit and payment history intact.</P><P>"U don't know what you talking about."</P><P>Selling cars does not mean one understands how loans work. Loans can be set up many ways, and in a fair number of cases conditions of the loans can be altered when doing so is favorable to the lender first, and the borrower second. Additionally, personal attacks in this public forum are uncalled for and serve no purpose. That's what facebook is for.</P><P>&nbsp;</P>
</description>
<pubDate>Wed, 28 Nov 2018 14:19:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7798#M182
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2018-11-28T14:19:03Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7877#M183
</link>
<description>
I would be very interested in this formula for excel.
</description>
<pubDate>Fri, 30 Nov 2018 22:24:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7877#M183
</guid>
<dc:creator>Tiffanyhutchins</dc:creator>
<dc:date>2018-11-30T22:24:46Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7880#M184
</link>
<description>
<P>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.</P><P>&nbsp;</P>
</description>
<pubDate>Fri, 30 Nov 2018 23:04:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7880#M184
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2018-11-30T23:04:08Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7914#M185
</link>
<description>
Hello<BR />Your spreadsheet sounds like it can really be helpful. Can you share with me?
</description>
<pubDate>Mon, 03 Dec 2018 01:32:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7914#M185
</guid>
<dc:creator>1208dhadyway</dc:creator>
<dc:date>2018-12-03T01:32:34Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7915#M186
</link>
<description>I need to buy one car</description>
<pubDate>Mon, 03 Dec 2018 03:42:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7915#M186
</guid>
<dc:creator>Irvincabrera18</dc:creator>
<dc:date>2018-12-03T03:42:46Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7916#M187
</link>
<description>What Insurance is this</description>
<pubDate>Mon, 03 Dec 2018 03:45:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/7916#M187
</guid>
<dc:creator>308nw2ndst</dc:creator>
<dc:date>2018-12-03T03:45:18Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8155#M188
</link>
<description>Yes Can You Email Me ?</description>
<pubDate>Fri, 14 Dec 2018 13:35:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8155#M188
</guid>
<dc:creator>1016193</dc:creator>
<dc:date>2018-12-14T13:35:48Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8233#M189
</link>
<description>
<P>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&nbsp; that amount on the last payment.&nbsp; If I gave an extra 100 and the principal was 100 at that time, I'd just fold over&nbsp; the last payment as that is in essence what I did.&nbsp; I&nbsp; hope that makes sense</P>
</description>
<pubDate>Mon, 17 Dec 2018 18:09:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8233#M189
</guid>
<dc:creator>CAK</dc:creator>
<dc:date>2018-12-17T18:09:36Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8317#M190
</link>
<description>
Hello there,<BR />I read your response and would like to request for the link for the spreadsheet.<BR />Thanks you kindly
</description>
<pubDate>Fri, 21 Dec 2018 00:29:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8317#M190
</guid>
<dc:creator>Char</dc:creator>
<dc:date>2018-12-21T00:29:19Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8476#M191
</link>
<description><P>Do you know how to send a private message?</P></description>
<pubDate>Sat, 29 Dec 2018 20:06:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8476#M191
</guid>
<dc:creator>Scooter</dc:creator>
<dc:date>2018-12-29T20:06:37Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8629#M192
</link>
<description>
<P>Hi&nbsp;<LI-USER uid="18551"></LI-USER>, you're right that interest payments are&nbsp;higher&nbsp;at the beginning of the loan term due to the amortization schedule, but the actual&nbsp;amounts paid towards interest and principal will depend on the interest rate, principal amount financed, and loan term.&nbsp; For a 6-year loan term, you would need an APR of approximately 22.7% to achieve equal payments towards interest and principal&nbsp;in the last payment of the 3rd year.&nbsp; A lower APR will result in smaller interest payments and more of your&nbsp;payment going towards the principal.&nbsp; Please&nbsp;explore the calculator below to determine how your APR will impact your repayment schedule.</P><P>&nbsp;</P><P><A href="https://www.amortization-calc.com/auto-car-loan-calculator/" target="_blank">https://www.amortization-calc.com/auto-car-loan-calculator/</A></P>
</description>
<pubDate>Thu, 03 Jan 2019 19:51:32 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8629#M192
</guid>
<dc:creator>gary_p</dc:creator>
<dc:date>2019-01-03T19:51:32Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8818#M193
</link>
<description>Can u email me the excel doc sound useful</description>
<pubDate>Wed, 09 Jan 2019 02:59:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8818#M193
</guid>
<dc:creator>K9handler807</dc:creator>
<dc:date>2019-01-09T02:59:14Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8945#M194
</link>
<description>
I would love the excel spreadsheet you were talking about in this thread if you wouldn't mind, that sounds amazing! I'm in the process of building a house! Here is my email:<BR />[email address removed]
</description>
<pubDate>Mon, 14 Jan 2019 00:20:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/8945#M194
</guid>
<dc:creator>livn4him11</dc:creator>
<dc:date>2019-01-14T00:20:04Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9012#M195
</link>
<description>
<P>you want to make your normal payment each month on time then within that same payment period make a principal only payment of as much as you want that will reduce how much you pay in interest by a lot while lowering you principal amount.</P>
</description>
<pubDate>Tue, 15 Jan 2019 05:05:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9012#M195
</guid>
<dc:creator>bigben425</dc:creator>
<dc:date>2019-01-15T05:05:34Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9030#M196
</link>
<description>
<P><LI-USER uid="9621"></LI-USER>&nbsp;Also can you send me the graph?</P><P>[email address removed]</P>
</description>
<pubDate>Tue, 15 Jan 2019 18:10:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9030#M196
</guid>
<dc:creator>Davekellz</dc:creator>
<dc:date>2019-01-15T18:10:30Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9062#M197
</link>
<description>
That sounds like you have a very high interest rate. The best thing you can do is pay more every month. Anything above your required payment will go towards your principal. You should also look into refinancing for a lower rate
</description>
<pubDate>Wed, 16 Jan 2019 01:44:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9062#M197
</guid>
<dc:creator>Farrock02</dc:creator>
<dc:date>2019-01-16T01:44:39Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9119#M198
</link>
<description>
You can pay as much as you want towards the principal if you car payment is 400 you can pay as much as you want after that and it will.go towards the principal
</description>
<pubDate>Thu, 17 Jan 2019 00:11:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9119#M198
</guid>
<dc:creator>Credit1</dc:creator>
<dc:date>2019-01-17T00:11:27Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9165#M199
</link>
<description>
<P>Unfortunately, no you can not. &nbsp;The most common way to lower your loan balance faster is to pay your regularly scheduled payment</P><P>( principle &amp; interest ) PLUS an additional amount on the principle, if you're financially able to do so. &nbsp; Also, shop around for an auto loan which includes a lower interest rate (APR). &nbsp;And remember to never miss a scheduled payment. &nbsp;If it looks like you're going to miss a scheduled payment, call your lender to discuss any options they may offer. &nbsp;Best Regards, me.</P>
</description>
<pubDate>Thu, 17 Jan 2019 17:43:23 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9165#M199
</guid>
<dc:creator>waymaker3</dc:creator>
<dc:date>2019-01-17T17:43:23Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9554#M200
</link>
<description>
<P>This is somewhat true but you can make payments toward the principle at any time as long as your loan is current.&nbsp;</P>
</description>
<pubDate>Fri, 25 Jan 2019 04:16:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9554#M200
</guid>
<dc:creator>DMcNeal</dc:creator>
<dc:date>2019-01-25T04:16:13Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9557#M201
</link>
<description>
I would like the link for that spreadsheet of you can please
</description>
<pubDate>Fri, 25 Jan 2019 05:30:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9557#M201
</guid>
<dc:creator>tmccraigie</dc:creator>
<dc:date>2019-01-25T05:30:34Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9601#M202
</link>
<description>
<P><LI-USER uid="9621"></LI-USER>&nbsp;I made a change to the Community settings to allow Excel files as attachments, so you should be able to upload now! Let me know if it doesn't work, or if you come across any other file types you'd like to upload. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P>
</description>
<pubDate>Fri, 25 Jan 2019 18:41:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9601#M202
</guid>
<dc:creator>KatieH</dc:creator>
<dc:date>2019-01-25T18:41:35Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9660#M203
</link>
<description>
<P><FONT size="5"><STRONG>Here is the spreadsheet for anyone who needs it. It's also attached to this post.</STRONG></FONT></P> <P><FONT size="5"><STRONG><A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...</A></STRONG></FONT></P> <P>&nbsp;</P> <P>Blocks in yellow can be changed. All others are locked to prevent accidents. However, if you want to unlock those locked cells, the password is "password" without the quotation marks.</P> <P>&nbsp;</P>
</description>
<pubDate>Fri, 01 Feb 2019 00:11:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9660#M203
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-02-01T00:11:13Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9722#M204
</link>
<description>
Please send it to me! I’m a single 24 year old mother and I’m looking for strategies to save money.
</description>
<pubDate>Sat, 26 Jan 2019 22:59:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/9722#M204
</guid>
<dc:creator>Rosaye95</dc:creator>
<dc:date>2019-01-26T22:59:58Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10085#M205
</link>
<description>
Greetings<BR />I was reading through this forum and your comment.<BR />Please send me the formula via email at:<BR />[email address removed]
</description>
<pubDate>Tue, 29 Jan 2019 22:47:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10085#M205
</guid>
<dc:creator>Stevealdenjr</dc:creator>
<dc:date>2019-01-29T22:47:06Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10120#M206
</link>
<description>
Yes you can pay towards principal any time but not ONLY principal.
</description>
<pubDate>Wed, 30 Jan 2019 03:14:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10120#M206
</guid>
<dc:creator>GIJoeKE89</dc:creator>
<dc:date>2019-01-30T03:14:07Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10129#M207
</link>
<description>
Any chance you can email me that excel spread sheet ?
</description>
<pubDate>Wed, 30 Jan 2019 07:50:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10129#M207
</guid>
<dc:creator>Codydm</dc:creator>
<dc:date>2019-01-30T07:50:25Z</dc:date>
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<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10159#M208
</link>
<description>
<P>Carl, please send me the Excel spreadsheet. My email is: [email address removed]&nbsp;&nbsp; Thank you!</P>
</description>
<pubDate>Wed, 30 Jan 2019 15:41:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10159#M208
</guid>
<dc:creator>barnettsl</dc:creator>
<dc:date>2019-01-30T15:41:14Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10172#M209
</link>
<description>
<P><LI-USER uid="27010"></LI-USER>&nbsp;<LI-USER uid="29685"></LI-USER>&nbsp;<LI-USER uid="30093"></LI-USER>&nbsp;<LI-USER uid="30266"></LI-USER></P> <P>&nbsp;</P> <P><LI-USER uid="9621"></LI-USER>&nbsp;attached the spreadsheet to his last post! You can find it on Page 3 of this thread.</P> <P>&nbsp;</P> <P>Here's a direct link to his Excel file:&nbsp;<A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls</A></P> <P>&nbsp;</P>
</description>
<pubDate>Wed, 30 Jan 2019 16:37:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10172#M209
</guid>
<dc:creator>KatieH</dc:creator>
<dc:date>2019-01-30T16:37:46Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10341#M210
</link>
<description>
<P>I would like this spreadsheet info please. Can you email me at [email address removed]. Thanks so much.&nbsp;</P>
</description>
<pubDate>Thu, 31 Jan 2019 17:36:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10341#M210
</guid>
<dc:creator>tami_trox</dc:creator>
<dc:date>2019-01-31T17:36:14Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10344#M211
</link>
<description>
<P><A href="mailto:[email address removed]" target="_blank">[email address removed]</A>&nbsp;</P>
</description>
<pubDate>Thu, 31 Jan 2019 17:38:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10344#M211
</guid>
<dc:creator>tami_trox</dc:creator>
<dc:date>2019-01-31T17:38:14Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10440#M212
</link>
<description>
Hello Caryl,<BR />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.<BR />My email is [email address removed]<BR />Thank you..
</description>
<pubDate>Thu, 31 Jan 2019 23:35:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10440#M212
</guid>
<dc:creator>sidendesire</dc:creator>
<dc:date>2019-01-31T23:35:40Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10446#M213
</link>
<description>
<P><LI-USER uid="31719"></LI-USER>&nbsp;<LI-USER uid="31349"></LI-USER>&nbsp;Hi there!&nbsp; Carl attached the spreadsheet to his last post... you can find it on Page 3 of this thread.</P> <P>&nbsp;</P> <P>Here's a direct link to his Excel file:&nbsp;<A href="https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intrate.xls" target="_blank">https://ttlc.intuit.com/community/s/dcgfr56345/attachments/dcgfr56345/other-finance-talk/389/1/intra...</A></P>
</description>
<pubDate>Fri, 01 Feb 2019 00:08:43 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10446#M213
</guid>
<dc:creator>KatieH</dc:creator>
<dc:date>2019-02-01T00:08:43Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10632#M214
</link>
<description>
<P>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.</P><P>&nbsp;</P><P>Chris</P>
</description>
<pubDate>Sat, 02 Feb 2019 04:28:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/10632#M214
</guid>
<dc:creator>chriscoleman102</dc:creator>
<dc:date>2019-02-02T04:28:09Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11082#M215
</link>
<description>
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.
</description>
<pubDate>Tue, 05 Feb 2019 00:12:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11082#M215
</guid>
<dc:creator>lkjulian1958</dc:creator>
<dc:date>2019-02-05T00:12:13Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11243#M216
</link>
<description>
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.<BR /><BR />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.
</description>
<pubDate>Tue, 05 Feb 2019 23:22:16 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11243#M216
</guid>
<dc:creator>Skirmn</dc:creator>
<dc:date>2019-02-05T23:22:16Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11485#M217
</link>
<description>
<P>Thank you for this. Very helpful!</P><P>&nbsp;</P>
</description>
<pubDate>Thu, 07 Feb 2019 14:32:56 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11485#M217
</guid>
<dc:creator>Andrea</dc:creator>
<dc:date>2019-02-07T14:32:56Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11689#M218
</link>
<description>
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!!!
</description>
<pubDate>Fri, 08 Feb 2019 18:01:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/11689#M218
</guid>
<dc:creator>Dschrisz66-</dc:creator>
<dc:date>2019-02-08T18:01:14Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/12619#M219
</link>
<description>
Carl! THANK YOU. That is very useful I really appreciate it thanks.
</description>
<pubDate>Wed, 13 Feb 2019 22:38:57 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/12619#M219
</guid>
<dc:creator>Rg11217</dc:creator>
<dc:date>2019-02-13T22:38:57Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/14742#M220
</link>
<description>
<P>your note agreement would tell you.&nbsp; Should not normally be a penalty for paying extra each month.&nbsp; this only makes sense though if you dont carry a balance on higher interest rate credit cards.&nbsp; payoff the cards 1st.</P>
</description>
<pubDate>Wed, 20 Feb 2019 05:22:23 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/14742#M220
</guid>
<dc:creator>jt-of-sw-fl</dc:creator>
<dc:date>2019-02-20T05:22:23Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17188#M221
</link>
<description>
<P>Mortgage and auto loans are different. The formula in the spreadsheet will not work for auto loans. Here is why:</P><P>mortgage payments are different from car loan payments. A good way to think about mortgages is that one 30-year mortgage doesn’t have a single loan, but rather individual loans with terms of 360 months, then one for 359 months, then one for 358 months and so on, all strung together.</P><P>Each month sees a payment calculated with a smaller loan balance over the new shorter term, and while the total of the payment remains the same, the amount of interest you pay in a given month decreases while the amount of principal a person pays increases. If you prepay mortgage, you save money on paying interest.</P><P>Car loans can either be: simple interest add-on (or pre calculated) loans or simple interest amortizing loans. Simple interest add-on loans are written as a single loan. All of the interest that will be due is calculated up front, added to the total of the loan as a finance charge, then that sum is divided over the number of months in the term to arrive at monthly payment.</P><P>Each payment consists of exactly the same amount of principal and interest. Prepayment won’t save money because all calculated interest has to be paid. Simple interest amortizing loans are the most common type of auto financing available. They work like a mortgage, with a declining loan balance and declining term producing a constant monthly payment with changing compositions of principal and interest. Prepaying such a loan can save you some money.</P>
</description>
<pubDate>Wed, 27 Feb 2019 15:48:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17188#M221
</guid>
<dc:creator>maybird80</dc:creator>
<dc:date>2019-02-27T15:48:50Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17624#M222
</link>
<description>
Stop borrowing money. If you just think about it you are giving away your money. Save up and buy a car.
</description>
<pubDate>Fri, 01 Mar 2019 23:14:56 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17624#M222
</guid>
<dc:creator>Bob3</dc:creator>
<dc:date>2019-03-01T23:14:56Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17834#M223
</link>
<description>
<P>This thread is pretty helpful, however, what I have gathered somewhat confuses me in regards to my auto loan payments.&nbsp;</P><P>&nbsp;</P><P>For a 5 figure loan, my minimum payment began at $350/mo for a 3.3% rate starting November of 2017. I have steadily paid $550 each month since I started and my minimum payment has been $0 for a while. Obviously I still have a balance and my payment has not changed, but that doesn't necessarily mean my $550 is 100% principal right? How is the principal/interest payment calculated then? Am I only paying interest at that point and a really good chunk of my payment is principal now? I guess I just really don't understand how my lender changed my min. payment from $350 to $0.</P>
</description>
<pubDate>Sun, 03 Mar 2019 16:50:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/17834#M223
</guid>
<dc:creator>Amedina1490</dc:creator>
<dc:date>2019-03-03T16:50:12Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/18658#M224
</link>
<description>
You must pay the minimum due. This usually includes a little bit of principle and lot of interest since auto loans are usually front loaded.<BR />As far as paying any additional towards only the principle, you'd have to talk to your lender or read through your contract. With my loan for example, any additional payment I make is applied to next month's payment up to 2 months before being applied to the principle. However, if I call them and make a large payment (common during tax return season) it will all apply directly to the principle.
</description>
<pubDate>Fri, 08 Mar 2019 13:27:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/18658#M224
</guid>
<dc:creator>dcland</dc:creator>
<dc:date>2019-03-08T13:27:12Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20071#M225
</link>
<description>
When you send in extra payments, you need to make sure how the lender applies the extra funds. They may apply it towards your next payment and not toward the principal only. You have to be very specific with some lenders. They don’t always apply the overage to principal.
</description>
<pubDate>Thu, 21 Mar 2019 02:09:11 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20071#M225
</guid>
<dc:creator>Bailsmb</dc:creator>
<dc:date>2019-03-21T02:09:11Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20173#M226
</link>
<description>
Yes, if you make the minimum payment, then you can pay some of the principle balance. But you have to make sure you specify when you make the payment you want it going to the principle. If not they will put most of it to the interest
</description>
<pubDate>Fri, 22 Mar 2019 15:30:38 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20173#M226
</guid>
<dc:creator>Lacayo</dc:creator>
<dc:date>2019-03-22T15:30:38Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20363#M227
</link>
<description>
<P>Super Carl,</P><P>Thank you for the spreadsheet.</P>
</description>
<pubDate>Sun, 24 Mar 2019 20:02:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20363#M227
</guid>
<dc:creator>theBasque</dc:creator>
<dc:date>2019-03-24T20:02:58Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20552#M228
</link>
<description>
You must have a higher interest rate. I think the smartest move would be to let go of the ego of have a newer car.. sell the car and buy a much cheaper car. It will save you so much money in the long run.
</description>
<pubDate>Tue, 26 Mar 2019 14:51:11 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20552#M228
</guid>
<dc:creator>Cody</dc:creator>
<dc:date>2019-03-26T14:51:11Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20604#M229
</link>
<description>
My car payment was a little over $278 a month but for all but 2 payments, I’ve paid $300 a month and it still has shortened the amount of time to pay it off, in addition to some of the interest.
</description>
<pubDate>Tue, 26 Mar 2019 23:51:55 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/20604#M229
</guid>
<dc:creator>Paula856</dc:creator>
<dc:date>2019-03-26T23:51:55Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/22465#M230
</link>
<description>
To make it a little easier you can also visit bankrate.com and play around with extra payments at various times of the year
</description>
<pubDate>Tue, 09 Apr 2019 00:03:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/22465#M230
</guid>
<dc:creator>Misfit</dc:creator>
<dc:date>2019-04-09T00:03:27Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/23403#M231
</link>
<description>
In a short answer, no. You have to make the minimum payment. Then pay extra and tell them, specifically, that the extra payment is to go towards the principle. Always do the payments separate so you can see and make sure it is going toward the principle.
</description>
<pubDate>Sun, 14 Apr 2019 01:01:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/23403#M231
</guid>
<dc:creator>Moretowealththanmoney</dc:creator>
<dc:date>2019-04-14T01:01:25Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/24430#M232
</link>
<description>
<P>I agree with&nbsp;<LI-USER uid="19230"></LI-USER>&nbsp; he is right, You can also use this <A title="Amortization calculator" href="https://calculatorly.com/amortization-calculator/" target="_self">Amortization calculator</A></P>
</description>
<pubDate>Wed, 24 Apr 2019 11:53:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/24430#M232
</guid>
<dc:creator>Calculatorly</dc:creator>
<dc:date>2019-04-24T11:53:12Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/27653#M233
</link>
<description>
Plus - by paying more you’ll, effectively reduce your interest rate
</description>
<pubDate>Sun, 26 May 2019 17:45:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/27653#M233
</guid>
<dc:creator>Crash Riprock</dc:creator>
<dc:date>2019-05-26T17:45:26Z</dc:date>
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<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/164709#M236
</link>
<description>
<P>Each of your payments contains an amount for principal and interest.&nbsp; 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.&nbsp;&nbsp;Adding even $25 month extra will knock the debt down early since the $25 goes toward the principal.&nbsp; The more extra you pay per month, the faster that car is paid off.</P>
</description>
<pubDate>Sat, 01 Jun 2019 13:24:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/164709#M236
</guid>
<dc:creator>tygrtchr</dc:creator>
<dc:date>2019-06-01T13:24:22Z</dc:date>
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<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/821973#M275
</link>
<description>
Hey Carl, what’s the best way to download the excel spreadsheet?
</description>
<pubDate>Sun, 30 Jun 2019 13:12:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/821973#M275
</guid>
<dc:creator>Keyezell</dc:creator>
<dc:date>2019-06-30T13:12:18Z</dc:date>
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<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829745#M302
</link>
<description>
<P>I'm always interested in spreadsheets that allow for calculations of time and money. Unfortunately, the link supplied results in error.</P><P>&nbsp;</P><P>FYI</P>
</description>
<pubDate>Wed, 17 Jul 2019 19:13:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829745#M302
</guid>
<dc:creator>lloyd1981</dc:creator>
<dc:date>2019-07-17T19:13:05Z</dc:date>
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<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829796#M303
</link>
<description>
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.
</description>
<pubDate>Wed, 17 Jul 2019 20:18:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/829796#M303
</guid>
<dc:creator>JQ83</dc:creator>
<dc:date>2019-07-17T20:18:54Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831823#M310
</link>
<description>
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.
</description>
<pubDate>Mon, 22 Jul 2019 21:32:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831823#M310
</guid>
<dc:creator>Saiquan27</dc:creator>
<dc:date>2019-07-22T21:32:08Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831866#M311
</link>
<description>
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.
</description>
<pubDate>Mon, 22 Jul 2019 23:00:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/831866#M311
</guid>
<dc:creator>Mr_Roundtree</dc:creator>
<dc:date>2019-07-22T23:00:45Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844168#M388
</link>
<description>
<P>can you please email me your excel spreadsheet at [email address removed]</P> <P>&nbsp;</P> <P>Thank you so much!</P> <P>&nbsp;</P> <P>How do i private message, I did a preview and it still blocks out my email</P> <P>email is [email address removed]</P>
</description>
<pubDate>Thu, 22 Aug 2019 23:03:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844168#M388
</guid>
<dc:creator>bdavis404</dc:creator>
<dc:date>2019-08-22T23:03:04Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844209#M389
</link>
<description>
<P><LI-USER uid="444543"></LI-USER>&nbsp;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.&nbsp; This is a public web site that can be seen by everyone.&nbsp; Do you want to receive emails and contacts from scammers and identity thieves pretending to be from TurboTax?</P>
</description>
<pubDate>Thu, 22 Aug 2019 23:03:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/844209#M389
</guid>
<dc:creator>xmasbaby0</dc:creator>
<dc:date>2019-08-22T23:03:26Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/852618#M440
</link>
<description>
<P>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....</P>
</description>
<pubDate>Mon, 16 Sep 2019 19:01:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/852618#M440
</guid>
<dc:creator>Grammyb2</dc:creator>
<dc:date>2019-09-16T19:01:51Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855294#M451
</link>
<description>
<P>This is my email so you can send me the Excel: [email address removed]. Thanks!</P><P>Emmanuel</P>
</description>
<pubDate>Tue, 24 Sep 2019 03:21:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855294#M451
</guid>
<dc:creator>jahman4us</dc:creator>
<dc:date>2019-09-24T03:21:06Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855647#M454
</link>
<description>
<P>No to your intital answer.</P><P>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.</P>
</description>
<pubDate>Wed, 25 Sep 2019 00:57:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/855647#M454
</guid>
<dc:creator>KA12</dc:creator>
<dc:date>2019-09-25T00:57:51Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/872420#M509
</link>
<description><P>Refinance and lower your interest rate.</P></description>
<pubDate>Fri, 25 Oct 2019 23:17:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/872420#M509
</guid>
<dc:creator>Jamarra</dc:creator>
<dc:date>2019-10-25T23:17:28Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/950541#M516
</link>
<description>
<P>Can you share the spreadsheet with me. I am not really familiar with excel, but am very interested. I do have the software on my computer, just never used it.&nbsp;</P>
</description>
<pubDate>Mon, 04 Nov 2019 13:46:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/950541#M516
</guid>
<dc:creator>Fireflies102120</dc:creator>
<dc:date>2019-11-04T13:46:41Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/951863#M532
</link>
<description>
<P>Read the contract carefully ... there may have been other fine print or nuances that have come into play ... like you were late on just one payment&nbsp; or&nbsp; that the loan is being computed at a higher rate however if you make all your payments on time during the loan period then the unpaid balance is forgiven making the overall rate the lower expected amount.&nbsp;&nbsp;</P>
</description>
<pubDate>Thu, 07 Nov 2019 13:26:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/951863#M532
</guid>
<dc:creator>Critter</dc:creator>
<dc:date>2019-11-07T13:26:46Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1083584#M755
</link>
<description>
<P>Another helpful trick, interest is accrued daily, so paying your note 2-3 weeks in advance will reduce the overall interest your paying on the bill monthly and the daily accrued amount will only start after that bill cycle is past (i.e. Car Note due on Feb 28th , make the payment on Feb 14th, you save on 14 days of interest and the interest doesn't start adding back up until Feb. 29th (since its a leap year)) <span class="lia-unicode-emoji" title=":winking_face:">😉</span></P>
</description>
<pubDate>Tue, 04 Feb 2020 19:14:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1083584#M755
</guid>
<dc:creator>rodven</dc:creator>
<dc:date>2020-02-04T19:14:39Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1103044#M762
</link>
<description>
<P>Yes even if you pay your reg monthly payment and an additional 100-150 dollars extra a month it will reduce your interest over the life of the loan and pay down the principle ... just make sure that you tell them to apply it to the principal!&nbsp;</P>
</description>
<pubDate>Fri, 07 Feb 2020 02:09:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1103044#M762
</guid>
<dc:creator>mntnheaven3</dc:creator>
<dc:date>2020-02-07T02:09:21Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145238#M803
</link>
<description>
<P>Kinda but no. With my first vehicle my payment was 270 and I was making 300 payments. After a few statements I saw that half was going to interest. So I called and asked if I could pay only the principle. No, itd have to be at least 80/20, which is reasonable. Needless to say, I paid it off early.&nbsp;</P><P>Now my second vehicle I got with a different place and theirs is 'unalterable'. So I'm making 500 payments on a simple interest loan. Meaning if I pay it on time then 40% goes to the principle but if it's late then the interest part receives more. As high as 80% to the interest. My last statement was 345 to interest and only 155 to the truck. <span class="lia-unicode-emoji" title=":nauseated_face:">🤢</span></P>
</description>
<pubDate>Thu, 13 Feb 2020 02:14:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145238#M803
</guid>
<dc:creator>JoeyC9000</dc:creator>
<dc:date>2020-02-13T02:14:35Z</dc:date>
</item>
<item>
<title>
Re: Can I only pay my principle on my car note and not be penalized?
</title>
<link>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804
</link>
<description>
<P><LI-USER uid="9621"></LI-USER>&nbsp;can you email me that formula you use?&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>JoeyC9000 at gmail&nbsp;</P><P>&nbsp;</P><P>Thanks in advance</P>
</description>
<pubDate>Thu, 13 Feb 2020 02:20:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/other-financial-discussions/discussion/re-can-i-only-pay-my-principle-on-my-car-note-and-not-be-penalized/01/1145271#M804
</guid>
<dc:creator>JoeyC9000</dc:creator>
<dc:date>2020-02-13T02:20:02Z</dc:date>
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