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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. =)
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.
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.