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Quickest way to pay off truck loan

Discussion in '2nd Gen. Tacomas (2005-2015)' started by countryboy22, Oct 24, 2010.

  1. Oct 24, 2010 at 7:59 PM
    #1
    countryboy22

    countryboy22 [OP] Well-Known Member

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    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??
     
  2. Oct 24, 2010 at 8:17 PM
    #2
    countryboy22

    countryboy22 [OP] Well-Known Member

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    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
     
  3. Oct 24, 2010 at 8:31 PM
    #3
    countryboy22

    countryboy22 [OP] Well-Known Member

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    dang thats alot of money thats a good idea
     
  4. Oct 24, 2010 at 8:34 PM
    #4
    uood8

    uood8 If You Search...You Shall Find.

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    Stay the hell off Tacomaworld.com

    Seriously.

    Before you know it you'll have over a grand in accessories on your truck.
     
  5. Oct 24, 2010 at 8:35 PM
    #5
    azgunrunner

    azgunrunner Well-Known Member

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    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.
     
  6. Oct 24, 2010 at 8:36 PM
    #6
    RMTacoguy30

    RMTacoguy30 Well-Known Member

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    x 92342342 and just send extra every month. Thats what I do.
     
  7. Oct 24, 2010 at 8:39 PM
    #7
    azgunrunner

    azgunrunner Well-Known Member

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    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
     
  8. Oct 24, 2010 at 8:39 PM
    #8
    JKD

    JKD Well-Known Member

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    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.
     
  9. Oct 24, 2010 at 8:40 PM
    #9
    WhatThePho?

    WhatThePho? Greg Graffin 2016

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    The things required to pull bitches
    Start moving "Bricks"

    Jk, Don't do that.

    If you can Work a second job.
     
  10. Oct 24, 2010 at 8:42 PM
    #10
    skistoy

    skistoy Make mine a Double!

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    just double the payments and it will paid soon enough.
     
  11. Oct 24, 2010 at 8:44 PM
    #11
    dirtytaco2010

    dirtytaco2010 Well-Known Member

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    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
     
  12. Oct 24, 2010 at 8:52 PM
    #12
    BeardedWeirdo

    BeardedWeirdo Junior Mint

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

    You can try either of those.
     
  13. Oct 24, 2010 at 9:00 PM
    #13
    george3

    george3 Well-Known Member

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    Could you put your address in your profile. I'd like to stop by and see how that safe works.:D Thanks.
     
  14. Oct 24, 2010 at 9:04 PM
    #14
    SilverStreak05

    SilverStreak05 Well-Known Member

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    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.
     
  15. Oct 24, 2010 at 9:07 PM
    #15
    skytower

    skytower Well-Known Member

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    Hitch and wiring, aux back-up light, rear strobe lights, radio and underseat sub.
    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.
     
  16. Oct 24, 2010 at 9:07 PM
    #16
    dirtytaco2010

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    its true
     
  17. Oct 24, 2010 at 9:18 PM
    #17
    theredofshaw

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    I do that underway...send a little extra (100ish) each month when I'm not
     
  18. Oct 24, 2010 at 9:19 PM
    #18
    rab89

    rab89 Well-Known Member

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  19. Oct 24, 2010 at 9:42 PM
    #19
    SAIRS

    SAIRS Well-Known Member

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    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.
     
  20. Oct 24, 2010 at 9:49 PM
    #20
    dirtytaco2010

    dirtytaco2010 Well-Known Member

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