Quickest way to pay off truck loan

Anybody have any advice on the quickest way to pay off a truck loan. I know bottom line you got to have the money to do it. Just curious if anybody had a way that worked well for them??

 

ya but i am only 22 so i dont have alot of stuff to sale. I have a good job just got to save i guess. i actually have enough to pay off my loan but then i wouldn have anything in my savings

 

dang thats alot of money thats a good idea

 

Stay the hell off Tacomaworld.com

Seriously.

Before you know it you'll have over a grand in accessories on your truck.

 

If you have the extra cash each month, pay a little extra on your monthly payment to help pay down the principal amount owed. 100 bucks extra a month and you've cut down 4 months (if your monthly is 300) out of a year and you'll be paying less interest over the life of the loan.

If you're asking how you come up with your monthly payment, well then you probably shouldn't have bought the truck if you don't know how you're going to make your monthly payments..

Selling things you don't use anymore is a good idea... If you don't have a lot of personal possession to sell, what about skills? Mow a few lawns? How about pull some OT if you have an hourly job? Or pick up some side manual labor work?

Where there is a will, there is a way... Stay positive.

 

x 92342342 and just send extra every month. Thats what I do.

 

Another great idea. I keep a 5 gallon water jug type bottle by my garage door. When I get home each day from work I empty out my pockets and put the change in there. The first year I did this I went and cashed in the coins and I pulled almost a 800 out of there and the bottle was only about 1/4 of the way full, mostly copper.

It's true, every penny helps! hehehe

 

Chances are you're only earning a percent or less on savings, but you're paying three to five percent (or more) on the loan.

As soon as you have enough money in savings to pay off the truck and still have two months bills and living expenses available for emergencies, then pay off the truck.

 

Start moving "Bricks"

Jk, Don't do that.

If you can Work a second job.

 

just double the payments and it will paid soon enough.

 

make payments for a minimum of 6 months otherwise it wont do shit for your credit...or may large payments for x amount of months your credit will be insane and you'll save on less interest paid. thats what im doing i did a 5 year loan and should have it paid in 3 or less...you get the credit and pay it off soon..good luck

 

"Either you're slingin' crack rock or you got a wicked jump shot." - Biggie

You can try either of those.

 

Could you put your address in your profile. I'd like to stop by and see how that safe works. Thanks.

 

If you've got the cash to pay it off in full, do it. The more payments you make the more it ends up costing in the long run.

 

If all else fails, set up an automatic payment from online banking. Make it so every paycheck sends money toward the payment. That will make at least two extra partial payments per year.
You can also overpay the amount you owe when you can. If there's no early repayment penalty, and simple interest, then the overpayment gets put toward principal. Less principal=less interest.
If you have it financed through toyota financial, it pushes your payment due date back as you get ahead on payments. That'll give you a buffer if you run into financial problems.

 

its true

 

I do that underway...send a little extra (100ish) each month when I'm not

 

Gambling ftw haha!

 

depending how much you can pay extra, I would definately pay more than the minimum if you can help it. If you are paying off smaller bills with a higher interest rate, take care of the smaller bills first, then throw the money you were paying at the smaller bills towards the car loan.

I just refinanced my car loan. I kept the length of the car loan the same as to where I was at the time I refinanced (I had 33 months left). I dropped the interest rate. Now I make sure I at least pay what the minimum payment is towards principle, and pay the interest amount on top of it. So if my payment is $350 and I would normally pay $50 in interest, I would pay a total of $400 for that month. As soon as my credit cards are paid off, I will throw more money...much more money to the car loan.

two things to consider also

1. if you have higher interest rates on other things like credit cards...

2. Do you have large payements that you can take care of quickly even though the interest rate might be lower than your car loan but you can pay off quickly

I would take care of what will free up the most cash for you and then throw it all towards the next obligation, but just look at your financial situation and see what make the most sense.


The more you pay towards your loan now though, the more money you'll save in interest in the long run as compared to paying it down later when the overall balance is lower.

 

good info i didnt know that about early and over payments...ive never had to be late but you never know what will hapen