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| *Loan,banking and credit>>>auto loan |
What is the best way to pay off your auto loan ? |
i just bought a brand new 2007 toyota, corrola. because of my bad credit, my interested is 12.99%. if i make a pymt the way my contract stated, i end up in paying for 2 cars. please help! Pay on time for a year then refinance for a lower rate. Try Capitalone.com refinance. Send a little extra in with each payment. 10 or 20 dollars a month going to the principal instead of the interest makes a big difference and pays the loan off much quicker. make double payments. this will cut out quite a bit of interest. Actually 12.9% isn't all that bad for bad credit.I've seen almost double that for poor credit. Every month when you make payment,add a little more and state on your stub that it goes towards "principal". It may not help much now,but it will help pay off faster & improve your credit rating. Also,you may want to check your credit report.You might have too many open accounts that you never use.That will hurt credit big time. what get real said is true - pay a little extra each month. Make all your payments on time to this and other creditors and eventually your credit will be better. Good luck after 6 months, refinance for a shorter term. you may be able to get a lower rate after that time as well. get a job |
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