Divide your payment into weekly payments, For example, Payment is $400 a month, just pay $100 a week. This pays it off faster without, putting extra money from your budget. You will notice you will start being a few months ahead of the due date. Then all of the payment will be going towards principal only. Banks hate when people do this.
@Pokka67611 ай бұрын
I don’t get it. There is 4 week in a month. Isnt that same thing by the end of the month you still pay $400. 🤷♀️
@clarencetexada886911 ай бұрын
@@Pokka676 No each day you incur interest. When you start paying weekly by dividing your payment up. More money will be hitting the principal. The Banks will be getting less interest from you. Just try it and you will see what I am talking about. You will start be getting months ahead of the payment. Just try it. It work for me.
@EyeAmCelebrity11 ай бұрын
Car Note: 400. If you pay bi weekly pmts of 450
@kpw1200211 ай бұрын
By doing it that way it doesn’t allow the interest to be amortized over 30 days .
@unbotheredchico9 ай бұрын
Smart move by paying every week 😉
@MrDaveaccord Жыл бұрын
I make double payments each month. When I bought my new Acura they had no special financing from the manufacturer and I got stuck with a 7% loan with a credit score of 800. I was pissed to say the least.
@joshuawilliams6153 Жыл бұрын
just refinance after 6 months. I got 8% from the dealer, waited 6 months and got 1.99% with a local credit union. This was before the interest rates got so high
@RPMusicInc11 ай бұрын
Hi 20.9% here 😖
@reynnuel418411 ай бұрын
I got mine 14% high
@quandaliousdingleton62909 ай бұрын
@@joshuawilliams6153 when you refinanced how was the process did you have to put any money down? Similar situation with me, just got a 2021 camaro SS with 750 credit score but my interest is 9.4% and i want to refinance soon
@jo42859 ай бұрын
The times I bought a vehicle the interest was over 23%, which in turn motivated me to save a large down payment and pay off my vehicles within a year.
@kypl19104 ай бұрын
Always make extra payments towards the principal!!
@campgas5344 Жыл бұрын
Just bought a new Jeep! Both of us have a 700s credit score and got hit with 7% interest rate! Need to get this one paid off asap!
@AnnoyedCabezonFish-zs4td8 ай бұрын
7%? What's the problem? Most car loans are at least double that..
@jaredluzader12858 ай бұрын
@@AnnoyedCabezonFish-zs4td 7 percent is about the lowest you can get these days
@FORGIVENANDLOVE3 ай бұрын
7% is great you loon
@velmamartinez39733 ай бұрын
7% is outrageous. Go through a credit union. Interest rates are much lower now.
@LauraSosa-c8b2 ай бұрын
@@jaredluzader1285 idk about that. I have a 760 credit score and got my first new car ever at 5.9%
@thanos89387 ай бұрын
Id keep the gap insurance, its really worth it. Accidents can happen anytime, and id rather have that protection
@codelessunlimited77015 ай бұрын
The GAP is very important.
@djs22992Ай бұрын
Keep your gap insurance!! I financed my car brand new last year for $34,000 and just last month my car was totaled in a hit and run. The insurance paid off the value of the car ($25,000) and the gap insurance is paying the remaining balance. Without gap insurance I would be responsible for paying that balance monthly.
@AirForceJay10 ай бұрын
I’d have to say the gap insurance advise should be taken into consideration, especially for those who finance their cars. If it’s close to being paid in full, definitely go for it but if that car is totaled and the value of the car doesn’t add up to what you owe. You’ll be kicking out that difference that the insurance company won’t.
@bigrigchristfollower90203 ай бұрын
Agreed 👍
@BrianNC81 Жыл бұрын
Paid off our 2022 Suburban diesel in 9 months ( large down payment). No payments on 3 vehicles. Mortgage is in the next 🎯. Just a few years remaining on the house.. Imagine how much less stressful life would be not owing anything to anyone (except for taxes, utilities, insurance).
@briandeluca6908 Жыл бұрын
Check out an all in one mortage. It might help you even more
@BrianNC81 Жыл бұрын
@@briandeluca6908 nothing fancy needed, extra principal payments can be made at any time or can write a check and pay it off when enough money is saved.
@arthonrylad82616 ай бұрын
DO NOT CANCEL YOUR GAP INSURANCE! Horrible advice. That's how you end up paying for a car that was totaled because someone else's negligence.
@shadowcharger24772 ай бұрын
The dealership fd me over redid the contact. Took off the gap I didn’t even notice. Ended up getting hit by a red light runner and they only gave me a certain amount for my charger and had to pay like 4K out of pocket
@mrstunnaАй бұрын
Even with full coverage on your car?
@Lamlmm2Ай бұрын
Yes with full coverage. Full coverage ain’t enough get gap insurance if you’re able to it is very convenient.
@ppppanda3009Ай бұрын
GAP is only necessary if your car is underwater during the duration of the loan and when said accident occurs. If you got a good deal and the car loan maintains value with depreciation then you’ll be paid out for the remaining financed value.
@shadowcharger2477Ай бұрын
@@ppppanda3009 It’s better to be safe than sorry. You never know how hard depreciation is going to hit. For example in 2023 I saw a grand wagoneer series 3 going for 113k not it’s going for 75k
@justme883713 күн бұрын
I was a deal biller at car dealerships and it always shocked me that some people will pay more in interest for their vehicle than the actual cost of the car because of bad credit. Keep your credit good if you can help it.
@jmartinez9332 Жыл бұрын
Even splitting up your payment evenly paying half every two weeks after 12 months you will have paid the equivalent of 13 months. Combine this with rounding up to the next $100 or Even $50 and it will save you even more.
@connarolinagrant41487 ай бұрын
The worst decision I did to take a car loan. I wish someone talked me throughout how exactly it works and how much extra money will go out of my pocket another lesson learned.
@millerlite877 ай бұрын
If you plan on refinancing take advantage of any lenders that offer no payment for 60 days, that’s 2 extra principal payments you can apply.
@Under510Ай бұрын
Very practical loan payment tips here! 💡
@virginiabarnum65583 ай бұрын
Your strategies are more realistic ❤
@bingo206911 ай бұрын
Thank you for your golden knowledge! You consistently provide so much valuable information!😀
@julioruata22132 ай бұрын
Great information Laura. Thanks
@HailCaesar-lm4bq Жыл бұрын
Ez to just shop online lowest auto loans . Credit unions like PENFED low so join one
@jodiaramoana45422 ай бұрын
I pay $40 extra a week and add $20 extra a year on top of that then pay big lump sum a year when I get my tax return
@eric6rock5 күн бұрын
@@jodiaramoana4542 That’s what i was planning to do and extra cash and pay off bills just to have that extra payment
@CurieBohr4 ай бұрын
Rounding up to the nearest hundred doesn’t really work that well. Most car loans require 3 payments ahead before applying to principal. So, an extra 50 bucks per month on a 1,000 car payment (3,000 to get to 3 months ahead) will take you like 5 years to pay any principal.
@BellaFrice2 ай бұрын
@@CurieBohr mine loan please gives me the option to make principal only payments Not that I have the extra money at the moment to do that though
@richardkusimenkah2 ай бұрын
The lender my dealership uses makes it next to impossible to make extra payments.. Like they make insanely inconvenient
@InnKogNeeto11 ай бұрын
In July I bought a new car. Put 20k down and instead of $400 a month, I pay extra $100 so $500 on a 3/4 yr loan) I hope it makes a difference in the long run
@megajam5286Ай бұрын
After 9 months how’s it going?
@InnKogNeetoАй бұрын
@@megajam5286 ok I think. I’m at 20,353 balance. Started at 25.000. Have a feeling it’s not going down fast enough lol
@InnKogNeetoАй бұрын
@@megajam5286 maybe I should pay $100 a week?
@Found465522 күн бұрын
Please tell us if it makes difference 😊
@AnnoyedCabezonFish-zs4td8 ай бұрын
Buy a house, get a car loan off the side of the mortgage at the same rate and not worry about it. Simple.
@tracimcduffie85665 ай бұрын
Very good info
@CarCoachReports5 ай бұрын
Thanks
@entertainmentinternational10873 ай бұрын
I like to just get the best interest and lowest payments and send more toward principal every week...Ima. make my 600 payment and send 250 a week extra towards principal... I make money in the stock market so my capital makes me money so I can use that money to pay off all debt amd still have my capital
@Vee_Davis-wb9wdАй бұрын
i am keeping my extended warranty!!! i hate car repair bills.....especially if i have to pay out of pocket......i rather make extra payments
@ananunez8017 Жыл бұрын
Great vid!
@corymelvin203010 ай бұрын
If you pay more your balance will go down and if they take your vehicle you will be without a vehicle Very inciteful 🙄
@antoniohoward852910 ай бұрын
Then why are you here genius?
@jrs9264 Жыл бұрын
i planned to have Lauren do it ....🙆🤯🤣
@CarCoachReports Жыл бұрын
🤣
@XavierpropertyshowАй бұрын
Question I bought car and they made me buy the 2,000 ceramic coating on the car but they never put it on due to rain it’s still in my loan bundle obviously can I refund that?
@CarCoachReportsАй бұрын
Talk to the general manager. If that doesn’t work, your state attorney general will help at no cost.
@bobdavis3357 Жыл бұрын
8th thumbs up!!
@CarCoachReports Жыл бұрын
Thanks Bob - Happy Friday!
@busterc6600 Жыл бұрын
Chrysler capital is front end loading the loans now with interest so they get their profits back first.
@mingho78828 ай бұрын
How about not getting a car loan. Save the money first and buy a vehicle later. It is stupid to buy a car with a loan.
@The_DropTV7 ай бұрын
Free Palestine and the u.s in conclusion lol “used to repo your car in 4 months now they repo in 2 months” literally after intentionally causing a pandemic and putting us all in this stupid situation