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paying truck off early....

Discussion in '2nd Gen. Tacomas (2005-2015)' started by bt08231, Aug 4, 2011.

  1. Aug 4, 2011 at 6:51 AM
    #1
    bt08231

    bt08231 [OP] Well-Known Member

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    Anyone have any clever tricks/ideas on how to pay a truck off early? I am so tempted to sell it to get out from under these payments but i just can't pull the trigger! with around 8k left to go, lets hear some realistic ideas some of you may have used.....
     
  2. Aug 4, 2011 at 6:52 AM
    #2
    bt08231

    bt08231 [OP] Well-Known Member

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    can't wait to hear some of these "great" ideas lolol.............
     
  3. Aug 4, 2011 at 6:54 AM
    #3
    iliketurtles

    iliketurtles Well-Known Member

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    Yeah...send them a check for 8k
     
  4. Aug 4, 2011 at 6:56 AM
    #4
    BigBiscuit

    BigBiscuit Well-Known Member

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    Can't help you. I paid cash for my '04 Taco as well as my '10 DCSB last year. No payments rocks. ;) :D
     
  5. Aug 4, 2011 at 6:59 AM
    #5
    Pugga

    Pugga Pasti-Dip Free 1983 - 2015... It was a good run

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    I overpayed every month and whenever I got some extra money I put a percentage toward the truck (like a bonus or tax return, I'd put 50% of it toward the truck). I got mine paid off in just over 2 years.
     
  6. Aug 4, 2011 at 7:00 AM
    #6
    Brunes

    Brunes abides.

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    Pay 50 or 100 more a month and that'll help. When did you get the note?? You can look at refinancing....Sell yourself on a street corner??
     
  7. Aug 4, 2011 at 7:02 AM
    #7
    bt08231

    bt08231 [OP] Well-Known Member

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    no 8k to send them......

    Pugga, great idea, thats kind of what i have been doing, sending bonuses and taxes and such, if i keep up this pace, it will be paid off 14 months early, need it done faster though lol
     
  8. Aug 4, 2011 at 7:02 AM
    #8
    charles08tacoma

    charles08tacoma Well-Known Member

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    On previous truck loans, I paid extra principal each month. I turned a 5 yr loan into 2 1/2 years this way.
     
  9. Aug 4, 2011 at 7:02 AM
    #9
    TacoCat

    TacoCat Look away, I'm hideous!

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    x2. thats the way to go. If your payment is like $450, round up to the next hundred. And if you can handle it, add another hundred on top of that. AFAIK anything you pay on top of your payment should go directly toward principle.
     
  10. Aug 4, 2011 at 7:03 AM
    #10
    bt08231

    bt08231 [OP] Well-Known Member

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    Brunes..... i was waiting for that one!! haha not sure the lady friend would let me lol, or i could charge her....but wait thats already my money.....damn
     
  11. Aug 4, 2011 at 7:03 AM
    #11
    97yota4wd

    97yota4wd Well-Known Member

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    i do what mark said. i sell myself on a corner once a week for 100 bucks, 50% of that goes towards the truck, the other goes towards body enhancements.

    just kidding, but in all honesty the fastest way to pay it off would be to over pay each month, this will also save you interest.

    have anything you can sell?
     
  12. Aug 4, 2011 at 7:07 AM
    #12
    bt08231

    bt08231 [OP] Well-Known Member

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    uws tool box, very nice shape, i can't seem to get rid of it lol
     
  13. Aug 4, 2011 at 7:16 AM
    #13
    Simon's Mom

    Simon's Mom Wag More Bark Less

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    Depending on who you finance with you gotta tell them the extra is for principal. Toyota Financial will just add it to your next payment unless you indicate differently.

    I kept track of all my "extra" expenses for a week or so. Found out how much $$ wasted on bottled water, coffee drinks, take out lunches etc. Adjusted my spending accordingly to stop throwing money away. Made all my debt except my mortgage go away quickly.
     
  14. Aug 4, 2011 at 7:21 AM
    #14
    bt08231

    bt08231 [OP] Well-Known Member

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    Its thru Toyota finacial, basically they just add it like you said as an extra payment which pushes back when your next payment is due, which seems as if its doing the same thing as putting it directly to principal, right? the truck will end up being paid for sooner, thus less interest will accrue, same thing right?
     
  15. Aug 4, 2011 at 7:32 AM
    #15
    oZmonKey

    oZmonKey Big Metal Hubajube

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    The statement shows that the next payment is smaller, or not due, to trick you into getting back on their schedule (more interest in their favor).

    Ignore the payment due and make larger payments. But unless you are making double or near double payments, you won't get that far ahead.
     
  16. Aug 4, 2011 at 7:40 AM
    #16
    bt08231

    bt08231 [OP] Well-Known Member

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    yes, like i made 6 payments, which just pushed back my due date, 6 months, but then set up auto pay, so its been paying every month since, payment is 436, i bumped it to 500, thats about the best I can do for now, damn mortgage!!
     
  17. Aug 4, 2011 at 7:41 AM
    #17
    TacoDawgfan

    TacoDawgfan Hunker Down You Hairy Dawg!

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    Unless you have fallen on hard time why would you want to sell it? With only 8k owed might as well keep it imo. Cant buy much for 8k so unless you have another vehicle I personally wouldn't sell it unless I just couldn't make the payments.
     
  18. Aug 4, 2011 at 7:52 AM
    #18
    bt08231

    bt08231 [OP] Well-Known Member

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    tacodawg very true, my thinking behind this is i have a company vehicle i recently got in the past year, i havnt driven the truck much at all this year, i bought the truck before i bought my house, the money im spending on the truck i dont use would go such a long way for my house. On the contrary, my girlfriends car is an old piece that will probably die soon.....i just never use the truck and am sick of paying for it.
     
  19. Aug 4, 2011 at 8:00 AM
    #19
    woodygg

    woodygg Well-Known Member

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    by the time you sell off your truck and borrow money to buy another car and pay taxes and transaction fees, you'll be no better off except for maybe lower monthly payments. if it's critical that you have lower montly payments, you could probably refi the truck, but i wouldn't recommend that unless you absolutely have to. financially, you're probably best off biting the bullet, paying it off and driving it for years and years with no payments, and don't forget to save a little each month during that time for your next car - it will be much less painful come tht day.
     
  20. Aug 4, 2011 at 8:05 AM
    #20
    RoyR

    RoyR Well-Known Member

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    Paying your truck off early is a waste of money...you already paid the interest. Take the extra money and buy some of the beaten down stocks. Will be smiling by years end!
     
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