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best way to pay off auto loan quickly?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by NWtacoma, Jan 28, 2011.

  1. Jan 28, 2011 at 2:11 PM
    #1
    NWtacoma

    NWtacoma [OP] Well-Known Member

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    say you have $2000 and you want to put it to your loan. Would it be best to make a single 2000 payment, or make multiple payments for the ammount you owe each month?
     
  2. Jan 28, 2011 at 2:23 PM
    #2
    Jo Dog

    Jo Dog ROLL TIDE

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    if you pay off pay all at one time
     
  3. Jan 28, 2011 at 2:23 PM
    #3
    Junebug McQuinn

    Junebug McQuinn Well-Known Member

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    Yup, send in the large amount.

    With our USAA loan we can put large amounts down and specify that it go towards the principle.
     
  4. Jan 28, 2011 at 2:25 PM
    #4
    Jdaniel1274

    Jdaniel1274 Well-Known Member

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    Big lump payment, just make sure you communicate with the lender, that you want the amount to go toward the principle of the loan, some lenders will try to screw you and put for interest.
     
  5. Jan 28, 2011 at 2:26 PM
    #5
    jandrews

    jandrews Carolina Alliance Southwest Region Ambassador

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    Send in the lump sum, but SPECIFY IT IS TO BE PAID TOWARD PRINCIPLE!

    If you don't, they'll just apply it to future payments.

    Since no one can do anything right any more, I usually do this in person. I go to the back, get a statement printed, make the payment, and have them print me another statement once it's posted showing the difference in principle amount. Then into the file they go.
     
  6. Jan 28, 2011 at 2:28 PM
    #6
    sook

    sook Well-Known Member

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    Doesn't matter. A rose by any other name..
     
  7. Jan 28, 2011 at 2:37 PM
    #7
    Simon's Mom

    Simon's Mom Wag More Bark Less

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    yes this happened to me, TFS just applied it to future payments it was not specified. The dealer had sent the check on something they owed me to TFS. So make sure you specify.
    I even have to do that online with my credit union.
     
  8. Jan 28, 2011 at 2:37 PM
    #8
    Brunes

    Brunes abides.

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    This answer doens't make sense at all.

    jandrews has it right- Take that 2 grand and make sure the bank knows it's a principal only payment.

    That will reduce the overall amount you are paying interest on- so your overall intrest paid will be less and you will make less payments to payoff the loan.
     
  9. Jan 28, 2011 at 2:52 PM
    #9
    lcogginz

    lcogginz Well-Known Member

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    Not to be a nerd here, but everyone realizes it's principal, right? Not "principle."
    :D


    Back to the regular programming . . .
     
  10. Jan 28, 2011 at 3:02 PM
    #10
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Wot u talkin aboot their ?
     
  11. Jan 28, 2011 at 3:22 PM
    #11
    NWtacoma

    NWtacoma [OP] Well-Known Member

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    yea i financed through toyota. will do, thanks bud.:cool:
     
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