โJul-28-2016 08:16 AM
โJul-29-2016 09:40 AM
DownTheAvenue wrote:Grit dog wrote:
Once you take the loan, it does nothing to just chunk a little off the top of an amortized loan. Now if you're not taking the loan to term you can save interest by paying it off early but again makes no difference when you apply he extra $. Only the end date matters.
This is completely wrong. A simple interest loan (just about every consumer loan today is simple interest- not the old rule of 78's) will always pay down when extra money is applied to the principle. The problem is, however, most loan servicing takes extra money and applies it to future payments in order to preserve the interest they collect.
โJul-28-2016 03:53 PM
โJul-28-2016 03:31 PM
โJul-28-2016 03:17 PM
Grit dog wrote:
Once you take the loan, it does nothing to just chunk a little off the top of an amortized loan. Now if you're not taking the loan to term you can save interest by paying it off early but again makes no difference when you apply he extra $. Only the end date matters.
โJul-28-2016 01:42 PM
doxiemom11 wrote:
Check out a credit union. We changed to a CU because they had no age restriction and no minimum amount of finance. The had rv loans and just wanted the rv to be worth as much or more than you are financing.
โJul-28-2016 11:28 AM
โJul-28-2016 10:47 AM
โJul-28-2016 10:32 AM
โJul-28-2016 10:23 AM
โJul-28-2016 10:21 AM
โJul-28-2016 10:11 AM
95jersey wrote:I recommend you finance the full $12k and still pay it off in 36 months. Assuming the interest rate is the same. Even get the terms for 10 or 15 years if the rate is the same. Make sure there are no prepayment penalties. If times get hard it will give flexibility. And if good times continue then you are still clear in 36 months.
I am looking to finance maybe $6000 over 36 months on a $12k RV. I know it is very small but I like holding onto my cash, and I usually pay the loan off early and it helps build my credit.
โJul-28-2016 09:36 AM
I may not have gone where I intended to go, but I think I have ended up where I needed to be
Douglas AdamsโJul-28-2016 09:34 AM
Dutch_12078 wrote:
If the minimum is $8K, finance that much and pay it down to your $6K target quickly.
โJul-28-2016 09:27 AM