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Q on paying off your car


Forum: Financial Planning and Budgeting

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  #1  
April 13th, 2009, 07:07 AM
meryrosy's Avatar Mega Super Mommy
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Hi ladies, I have a quick question in regards to paying off my car. DH and I are almost done paying off our debts..The balance on my car is $4320, with a monthly payment of $300. I wanted to pay $1000 per month until it is paid off. If I were to send in $300 on the 1st, and then send in another check for $700 a week later, with a note saying "apply to principal only" will i be able to pay off my car faster? Or should I just send in the $1k once a month like I was planning on doing? Thanks in advance for any help. =)

Mery
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  #2  
April 13th, 2009, 09:43 AM
~Jess~'s Avatar Platinum Supermommy
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A standard, amortized auto loan will automatically apply any additional payment directly to principal. You can simply send in the $1000. If it makes you feel better though, you can send it with a note on the check to apply additional to the principal balance.

Congrats on being almost completely debt free!
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  #3  
April 13th, 2009, 09:47 AM
meryrosy's Avatar Mega Super Mommy
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thanks!
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April 13th, 2009, 09:47 AM
meryrosy's Avatar Mega Super Mommy
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thanks!
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  #5  
April 14th, 2009, 07:32 PM
~Samantha~'s Avatar Mega Super Mommy
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What Jess said, or you could just send two separate checks at the same time with one saying principal only. This is generally what I do just for peace of mind and my records even though it automatically goes to the principle.
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