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Paying extra on a car loan each month
Posted by Atul (more from Atul) on Mon, 29 Mar 2004 09:17:40
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I'm planning on getting a 9-3 SS with manual transmission in the next day or two. My credit union will give me a 3.99% loan for up to 72 months and I was planning on doing that. (I could afford paying the 60 month payment of $450 a month as well but would rather not.) My question is, will I significantly save on interest paid if I pay extra each month towards the principal? By my calculations, if I pay $400 a month on a 72 month loan requiring a $380 a month payment, I should be done paying in about 68 months (without accounting for the reduction in interest).
Or does it make more sense to invest that money elsewhere? (I can get 2.5% in a money market account.) Interest rates will probably go up so the net cost of the money should go down.
Any advice appreciated in advance,
Atul
posted by 198.208.16...
Posts in this Thread:
- Paying extra on a car loan each month, Atul, Mon, 29 Mar 2004 09:17:40 <-- Viewing This Message
- Re: Paying extra on a car loan each month, JamieZ, Mon, 29 Mar 2004 20:36:38
- Re: Paying extra on a car loan each month, TML , Mon, 29 Mar 2004 16:03:44
- loan payment tables are easy to fin, nickR, Mon, 29 Mar 2004 14:32:39
- Sorry, meant to post on the General Board N/M, Atul, Mon, 29 Mar 2004 10:12:57
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