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Truck payment

Discussion in 'Off-Topic Discussion' started by eordonez, May 30, 2008.

  1. May 30, 2008 at 1:50 PM
    #1
    eordonez

    eordonez [OP] Living vicariously through mjp2

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    hello all,
    I'm very happy, this week i gave an 8k USD payment on my truck credit, that will help me a lot on saving interests! I want to pay for the truck asap to save some money.....:D
     
  2. May 30, 2008 at 1:57 PM
    #2
    jasonh

    jasonh tossed salad anyone?

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    you know they apply that 8k all towards interest first right?
     
  3. May 30, 2008 at 1:58 PM
    #3
    eordonez

    eordonez [OP] Living vicariously through mjp2

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    you got that wrong..... its capital..... at least thats in my contract....:D with that payment im gonna reduce the time from 48 to 42 months.....
     
  4. May 30, 2008 at 4:01 PM
    #4
    Janster

    Janster Old & Forgetful

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    Wrong.... It should go toward the principle.

    However - depending on your bank...and if you're not careful.... The bank will sneak it in as your next monthly payments - which is mostly interest (most likely).

    If you ever make extra payments on any loan - you need to call your bank and make sure the extra money is going towards principle. Because - they'll screw you if you're not paying attention and don't follow-through with where the money is going.
     
  5. May 30, 2008 at 5:44 PM
    #5
    eordonez

    eordonez [OP] Living vicariously through mjp2

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    OEM All Weather Mats, wheel locks, Toyota Silver Tube steps.....
    You are right Janster, you have to be very careful with extra payments...
     
  6. May 30, 2008 at 6:11 PM
    #6
    Ridgerunner

    Ridgerunner Well-Known Member

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    When doing a balloon payment generally it goes towards principal. You should, however, SPECIFY In WRITING you want it towards principal in case they wanna be a screw (which from what I read here on some threads is entirely possible:))
     
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