badfish911
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pay month to month
the finance charge is already figured into your monthly payments...it would be silly to pay it all off with savings |
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webjnke1
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definately pay over the minimum
anything over the minimum all comes off of principle .... if you save for it and pay the other way, you're not saving any interest |
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Who?Me?
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Unless the interest you make on the money is higher than the interest you pay on the loan, pay it off! |
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JULIE
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pat over the minimum amount |
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lorenmff79
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Double up on your payments if you can, the first 2 yrs your doing nothing but paying on the interest of the loan. |
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Oblivious
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Depends on the rate of interest on the loan vs. savings. However, paying the auto loan over time builds credit where you will not build any through savings. Also, if you use your savings to pay for a car, if an emergency comes up, you may not have the money necessary for the emergency plus your bills. Then you have screwed your credit. |
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kathy059
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It depends on where the higher interest is. If you have a 0% interest car loan, then by all means put the extra into an account and earn interest on it until you are able to pay the car off in full.
If however, your car loan interest rate is higher than the rate you will make on your savings, then use the extra money to pay towards the principal of the loan, month to month. |
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Kutekymmee
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only put the money in savings if the interest you are earning is higher than the interest you are paying on the loan. |
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Bolan
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By hiring it to someone else |
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pianoman25
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If you pay every 2 weeks instead of monthly it will shorten the length of your loan as well as reduce the amount of interest that you have to pay. The more you can pay now the better it is because it will be less you have to pay extra in interest. |
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ash
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The loan rate is higher than the rate you will earn in a savings account. Since there is also no tax break you get on car loans, it makes sense to pay off the car loan as soon as possible. |
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amandax086
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your question is confusing to me. b/c if you put $ in a savings account til u have what u owe wont u get in trouble b/c ur not making the payments on the loan? idk. but i say pay over the minimum payments. if you have the $ in a savings u know its there and might use it for other things.. |
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Miss Need 2 Know
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Pay ove the monthly balance as you have extra money to pay -- with most loans the intrest is adjusted and the extra you pay goes directly to the principle. Call the finance company to verify. |
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coolcat_35404
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pay month to month |
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