How do you make your payments?

[TickleTimeTim]

i was told that if you pay more than your monthly payment, you need to send two checks in. one that says car payment, and the other labeled principal.

[nerp]

Originally Posted by TickleTimeTim

i was told that if you pay more than your monthly payment, you need to send two checks in. one that says car payment, and the other labeled principal.

I've heard this too. Thankfully, I have 0 percent interest.

I've also heard that you can write on the one check "apply extra towards princpal" or something. Not sure if this is true.

[Kal-El]

Originally Posted by nerp

I've heard this too. Thankfully, I have 0 percent interest.

IMO, there's no point in paying off early if you have 0% interest. Especially if it means sacrificing in other areas to do so. But if money is no object, go for it.

The main point of paying a loan off early is to save on interest but you are not paying any interest.

Unless you just don't want to be upside down.

[nerp]

Originally Posted by Kal-El

IMO, there's no point in paying off early if you have 0% interest. Especially if it means sacrificing in other areas to do so. But if money is no object, go for it.

The main point of paying a loan off early is to save on interest but you are not paying any interest.

Unless you just don't want to be upside down.

You raise a very fair point. I guess I just want to get the debt off my back sooner than later (it's not that big of a deal). There's something nice about having that title in your hands. Plus, I hope to have the car fully paid off and still have time to enjoy the extended warranty, etc. It also ends up saving a few bucks on insurance.