What can $100 do to impact your car loan? In today’s video, we take a look at how much it will impact the average car loan of $34000 with an interest rate of …
where in flying f would you need to pay 7.02 for a car loan… wow. nuts. pay cash man CASH 7% is wacked. i'm paying my house off before mortgage rates get that high again… think about that… that is effin crazy… on a 5 year loan thats over $6000 in interest… and if you finance the tax, pdi, freight and delivery that could reach 7 real quick….. thats almost $1300 a year … PUT THAT IN REPAIRS and keep your cuirrent car, and bank the other 6 or 700 in payment until you can pay cash on the next car…. man…. wow… unreal. do people do this??????
hey i have a $40000 truck loan i been paying for 3 years with a 6 year contract and i have around $17000-19000 left on this pay-off amount. I want to finish paying the amount in a year or maybe 1 and a half, what do you recommend? make larger payments? refinance?
I have the whole $6,000 to pay the rest of the car loan for Santander Consumer USA. How do I know it will go all for the principal? Or pay the the whole loan? Does that make sense? I need help lol
Best video ever, now my question is, if my car payment is 417.99 and I decide to add an extra 100.00, do the extra money applies to the principal automatically or do I have to make a separate payment letting them know I want those extra 100 towards the principle. Does it makes sense? Like say I go online to make a payment and I just make a 517 dollars payment, am I doing the right thing? Thank you
I work at a car dealership and see so many people with low credit scores and how high their interest rates are (28%). They will pay more in interest than they do for the car. New units cost so much now, people paying 1200 or more for a new Suburban, Tahoe etc. NO car is worth that much a month, then the dealerships wonder why people don't trade in cars as often, they cannot afford it. The manufacturers are shooting themselves in the foot by increasing the cost so much that sales are slowing down. You cannot purchase a vehicle for 60,000 + and think that you will get anything for it if you want to trade it in the next year or so, be prepared to put a large amount down to cover the negative equity.
Excellent advice !, but please slow down….. Had to backtrack 3 times, then decided to just go online to find that calculator because you went by it sooo fast. Lol!
Hi I’m an new subscriber and enjoy watching your videos I plan on paying double on my car payments but just found out from my bank they don’t accept extra payments Going to principle only they accept extra payments but will be going towards the loan does it makes sense to still make the extra payments since it’s going towards the loan and not on the principle loan amount
I’m over my car note. I love my car and don’t plan on selling it. Its staying in the family. But damn dude paying a new car steals your wealth. Not falling into that rabbit hole again
My Bank website doesn't have the option to pay towards the principal or interest, it just has the main amount listed to make payments to. As I make payments to this I see the amount slightly go up as the days go on. For the amount of 15000, I will make the payment of $200 that month which should have it to 14800 by the next month but it's more of something like 14850 by the time the next payment rolls around. Almost like I only made a $150 payment instead of the 200 I spent. how can I stop this from happening or reduce this?
I paid off my car in 2016. I often paid extra. It wasn't a lot. My payment was $257 a month, and I would pay $300. But I didn't know about applying it towards the principal, so it didn't really help me all that much. I know better now! More importantly I know better than to actually buy a car with a loan and just save and pay cash instead. But I do plan on buying a house at some point, so knowing to apply extra payments to principal will help me once I get to that place!
Hi Denis, another awesome video. We've never had car payments, but, some people have suggested that we get a new car, with car payments, because we can write them off… being self-employed. We've always purchased used cars, to avoid losing the initial $$$ when driving it off the lot. Are they on to something? I still think it's better to just pay for the car, and deal with the loss of that lump sum. The huge monthly payments are scary. Any thoughts? Thanks!!
Denis, may I have the exact link for the bank rate calculator. I need it for a friend. I do not have a car loan . I have before. What do you think if you get a car loan at 0 percent interest?
I’m about to pay off my car note early. I know they’re upset about it but I have been aggressive with my payments. I’m over it! When I get to that point, it’s a done deal!
My sister bought a car, she makes monthly payments of $370. She has the cash to pay off her car and then some but refuses to part with the money. I explained to her how she would be saving in the long run but it just doesn't register. Someone people will always be slaves to debt I suppose. Smh
Payed my car off 2 years early in September! Best choice I could have made! Now I know of something happens to my car I won't have to owe anyone any money for it and having that title and knowing that it's all mine is such an amazing feeling!
I was not able to pay much extra on my car loan…which is a 2008 by the way, purchased new…but my house! I have it over half paid off in less than 5 years and am aiming to have it fully paid off in 3 more years…those extra principal payments have ranged from 20 to 1000 more than once a month depending on my side hustle..the closer it gets the more motivated I am…thanks for another good video..
One thing I’m very happy about is I never bought a new car. Back in 2010-11 I almost got the new Jeep wrangle 4 door call of duty edition and I thank myself everyday for changing my mind.
Great video! I watch your videos regularly since Jan 2019. It's a great feeling as after watching your video, I have started making extra payments to my mortgage and auto account. I get motivated to not waste money and save more ,when I see my extra payment savings… Thank you for your ideas!! Financial health- Awareness & Abundance is GREAT!!
With me I would put the $100 on a next loan and only extra on a car only if the auto loan is over 6%. On buy new car I disagree the main thing about cars and finance is to keep the vehicle forever my last car I let it for 17 years I bought a new SUV and the did not get hit with depreciation because bought for much less and a year it was still value what I paid for it and two years later it have very low interest. Also a used car say cost $9000 I can find a new car for that price. It’s up too your budget and keeping the vehicle forever. When you take out a loan you just have to focus on the cost of debt not the total payment because the principal is your money basically you got early from the bank instead for taking time to save and the interest you pay the bank of low is a win to you since the time value of money the money you pay them will be worth less. And if you have investments the interest you earn is worth more because you get it today. For extra I paid about $1000 in car interest per year which will now be less going forward because of amortization but In month one of my dividends checks was $1500 and I will continue to get that check quarterly. Debt is not a bad thing investing is more important to start early and even stop even if you have debt. Mathematically it works out I know Dave will say there is Risk but I don’t factor his variables because of my skill set and my investments.
Please speak slower, I caught every other word in paying off 1K on car loan . I’d like to understand. TY
Get to the point!!!!
When I bought my first brand new car, I paid 2500 as my first month’s payment and $1500 as the second month’s. I ended up a year ahead as a result.
where in flying f would you need to pay 7.02 for a car loan… wow. nuts. pay cash man CASH 7% is wacked. i'm paying my house off before mortgage rates get that high again… think about that… that is effin crazy… on a 5 year loan thats over $6000 in interest… and if you finance the tax, pdi, freight and delivery that could reach 7 real quick….. thats almost $1300 a year … PUT THAT IN REPAIRS and keep your cuirrent car, and bank the other 6 or 700 in payment until you can pay cash on the next car…. man…. wow… unreal. do people do this??????
When do the tips start?
Wouldn't paying off early hurt your credit score
How to payoff your car loan early with Wells Farg
Im on a pizza cherry on the youtube
Wow…what financial sponsors you are working for.
I agree 100%. Always do your best to pay off any loan early.
Why invest $100? Shit I'll use that 100 & pay that loan off early that way I have more investment money & build equity on my car.
hey i have a $40000 truck loan i been paying for 3 years with a 6 year contract and i have around $17000-19000 left on this pay-off amount. I want to finish paying the amount in a year or maybe 1 and a half, what do you recommend? make larger payments? refinance?
Love how fast u talk… feels like I'm not wasting my time thank you
I have the whole $6,000 to pay the rest of the car loan for Santander Consumer USA. How do I know it will go all for the principal? Or pay the the whole loan? Does that make sense? I need help lol
Best video ever, now my question is, if my car payment is 417.99 and I decide to add an extra 100.00, do the extra money applies to the principal automatically or do I have to make a separate payment letting them know I want those extra 100 towards the principle. Does it makes sense? Like say I go online to make a payment and I just make a 517 dollars payment, am I doing the right thing? Thank you
I work at a car dealership and see so many people with low credit scores and how high their interest rates are (28%). They will pay more in interest than they do for the car. New units cost so much now, people paying 1200 or more for a new Suburban, Tahoe etc. NO car is worth that much a month, then the dealerships wonder why people don't trade in cars as often, they cannot afford it. The manufacturers are shooting themselves in the foot by increasing the cost so much that sales are slowing down. You cannot purchase a vehicle for 60,000 + and think that you will get anything for it if you want to trade it in the next year or so, be prepared to put a large amount down to cover the negative equity.
what website were you using?
Excellent advice !, but please slow down….. Had to backtrack 3 times, then decided to just go online to find that calculator because you went by it sooo fast. Lol!
How I just got a car loan with a 14 %apr. ineed help
I can’t seem to find that calculator. Do you have a link
Great video!! can you please share the link for the bank rate calculator, thanks
Hi I’m an new subscriber and enjoy watching your videos I plan on paying double on my car payments but just found out from my bank they don’t accept extra payments Going to principle only they accept extra payments but will be going towards the loan does it makes sense to still make the extra payments since it’s going towards the loan and not on the principle loan amount
I’m over my car note. I love my car and don’t plan on selling it. Its staying in the family. But damn dude paying a new car steals your wealth. Not falling into that rabbit hole again
Will this have as great of an impact if I am half way through the loan? I really enjoy your videos. Thank you.
My Bank website doesn't have the option to pay towards the principal or interest, it just has the main amount listed to make payments to. As I make payments to this I see the amount slightly go up as the days go on. For the amount of 15000, I will make the payment of $200 that month which should have it to 14800 by the next month but it's more of something like 14850 by the time the next payment rolls around. Almost like I only made a $150 payment instead of the 200 I spent. how can I stop this from happening or reduce this?
Should I apply this after payment is made ! Or in the same day when payment is due
I paid off my car in 2016. I often paid extra. It wasn't a lot. My payment was $257 a month, and I would pay $300. But I didn't know about applying it towards the principal, so it didn't really help me all that much. I know better now! More importantly I know better than to actually buy a car with a loan and just save and pay cash instead. But I do plan on buying a house at some point, so knowing to apply extra payments to principal will help me once I get to that place!
Can’t wait to get mine paid off. Really wish I hadn’t financed a new car, and just kept my old one! 😩
Hi Denis, another awesome video.
We've never had car payments, but, some people have suggested that we get a new car, with car payments, because we can write them off… being self-employed. We've always purchased used cars, to avoid losing the initial $$$ when driving it off the lot. Are they on to something? I still think it's better to just pay for the car, and deal with the loss of that lump sum. The huge monthly payments are scary. Any thoughts?
Thanks!!
Denis, may I have the exact link for the bank rate calculator. I need it for a friend. I do not have a car loan . I have before. What do you think if you get a car loan at 0 percent interest?
I’m about to pay off my car note early. I know they’re upset about it but I have been aggressive with my payments. I’m over it! When I get to that point, it’s a done deal!
My sister bought a car, she makes monthly payments of $370. She has the cash to pay off her car and then some but refuses to part with the money. I explained to her how she would be saving in the long run but it just doesn't register. Someone people will always be slaves to debt I suppose. Smh
Payed my car off 2 years early in September! Best choice I could have made! Now I know of something happens to my car I won't have to owe anyone any money for it and having that title and knowing that it's all mine is such an amazing feeling!
I was not able to pay much extra on my car loan…which is a 2008 by the way, purchased new…but my house! I have it over half paid off in less than 5 years and am aiming to have it fully paid off in 3 more years…those extra principal payments have ranged from 20 to 1000 more than once a month depending on my side hustle..the closer it gets the more motivated I am…thanks for another good video..
When I was doing the debt snowball, I was paying triple car payments. It was amazing to see how much interest I saved. Great video, thanks.
If you ever want to know new topic – plz talk about equity funds and paying back options to have a better financial health. Thanks !!
One thing I’m very happy about is I never bought a new car. Back in 2010-11 I almost got the new Jeep wrangle 4 door call of duty edition and I thank myself everyday for changing my mind.
Great video! I watch your videos regularly since Jan 2019. It's a great feeling as after watching your video, I have started making extra payments to my mortgage and auto account. I get motivated to not waste money and save more ,when I see my extra payment savings… Thank you for your ideas!! Financial health- Awareness & Abundance is GREAT!!
Good video any extra payment to principal will reduce interest to the lender. The question is where to pay the extra I will say to a mortgage
With me I would put the $100 on a next loan and only extra on a car only if the auto loan is over 6%. On buy new car I disagree the main thing about cars and finance is to keep the vehicle forever my last car I let it for 17 years I bought a new SUV and the did not get hit with depreciation because bought for much less and a year it was still value what I paid for it and two years later it have very low interest. Also a used car say cost $9000 I can find a new car for that price. It’s up too your budget and keeping the vehicle forever. When you take out a loan you just have to focus on the cost of debt not the total payment because the principal is your money basically you got early from the bank instead for taking time to save and the interest you pay the bank of low is a win to you since the time value of money the money you pay them will be worth less. And if you have investments the interest you earn is worth more because you get it today. For extra I paid about $1000 in car interest per year which will now be less going forward because of amortization but In month one of my dividends checks was $1500 and I will continue to get that check quarterly. Debt is not a bad thing investing is more important to start early and even stop even if you have debt. Mathematically it works out I know Dave will say there is Risk but I don’t factor his variables because of my skill set and my investments.