Question:
I have a 2003 Ford Windstar van that I owe $10,925 on with 22 payments left at an interest rate of 3.55 percent. I would like to be able to pay it off early in 10 more payments. Can anyone give me a formula on how to do that?
Answers:
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Most car loans allow for a "pay down" on the principal. By rough calculations, you would need to pay about $925 per month to accomplish this (that is not quite double your payments). On some of my cars, I actually refinanced to lower interest and pay off faster, but I doubt that you'll beat the interest rate that you currently have, so I would not recommend that. I would just send in that amount and get it paid for. You could call the finance company and find out specific information to your loan, and they will tell you how they handle "pay down" circumstances. Good luck.Pay over the minimum payment. The extra goes straight to the principal not the interest.
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um...double your payment amounts.In FL, what is most cost effective gifting the car or selling for $1?
Divide 10,925 by 22 payments. You will get money back from intrest saved.How to post vehicle on craigslist .com?
You can pay it off quicker if your loan allows for extra principal payments. Just be careful. A lot of car loans do not allow you to make principal payments or pay it off early for a lower amount. If that is the case you have nothing to lose by continuing makeing the minimum payment each month.Is it cheaper to make cars in china than in the US ?
I think you should ask a professional financial planner so that you can plan well.You can also discuss this matter with the person in charge from the bank where you make your loan.More Questions & Answers ...
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