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.
@Pokka676
11 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. 🤷♀️
@clarencetexada8869
11 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.
@EyeAmCelebrity
11 ай бұрын
Car Note: 400. If you pay bi weekly pmts of 450
@kpw12002
11 ай бұрын
By doing it that way it doesn’t allow the interest to be amortized over 30 days .
@unbotheredchico
9 ай бұрын
Smart move by paying every week 😉
@justme8837
11 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.
@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-zs4td
8 ай бұрын
7%? What's the problem? Most car loans are at least double that..
@jaredluzader1285
8 ай бұрын
@@AnnoyedCabezonFish-zs4td 7 percent is about the lowest you can get these days
@FORGIVENANDLOVE
3 ай бұрын
7% is great you loon
@velmamartinez3973
3 ай бұрын
7% is outrageous. Go through a credit union. Interest rates are much lower now.
@LauraSosa-c8b
2 ай бұрын
@@jaredluzader1285 idk about that. I have a 760 credit score and got my first new car ever at 5.9%
@kypl1910
4 ай бұрын
Always make extra payments towards the principal!!
@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
@RPMusicInc
11 ай бұрын
Hi 20.9% here 😖
@reynnuel4184
11 ай бұрын
I got mine 14% high
@quandaliousdingleton6290
9 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
@jo4285
9 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.
@thanos8938
7 ай бұрын
Id keep the gap insurance, its really worth it. Accidents can happen anytime, and id rather have that protection
@codelessunlimited7701
5 ай бұрын
The GAP is very important.
@djs22992
Ай 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.
@AirForceJay
10 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.
@bigrigchristfollower9020
3 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.
@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.
@virginiabarnum6558
3 ай бұрын
Your strategies are more realistic ❤
@millerlite87
7 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.
@connarolinagrant4148
7 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.
@Under510
Ай бұрын
Very practical loan payment tips here! 💡
@arthonrylad8261
6 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.
@shadowcharger2477
2 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
@mrstunna
Ай бұрын
Even with full coverage on your car?
@Lamlmm2
Ай бұрын
Yes with full coverage. Full coverage ain’t enough get gap insurance if you’re able to it is very convenient.
@ppppanda3009
Ай 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.
@shadowcharger2477
Ай 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
@bingo2069
11 ай бұрын
Thank you for your golden knowledge! You consistently provide so much valuable information!😀
@julioruata2213
2 ай бұрын
Great information Laura. Thanks
@richardkusimenkah
2 ай бұрын
The lender my dealership uses makes it next to impossible to make extra payments.. Like they make insanely inconvenient
@jodiaramoana4542
2 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
@eric6rock
3 күн бұрын
@@jodiaramoana4542 That’s what i was planning to do and extra cash and pay off bills just to have that extra payment
@HailCaesar-lm4bq
Жыл бұрын
Ez to just shop online lowest auto loans . Credit unions like PENFED low so join one
@CurieBohr
4 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.
@BellaFrice
2 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
@entertainmentinternational1087
3 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
@tracimcduffie8566
5 ай бұрын
Very good info
@CarCoachReports
5 ай бұрын
Thanks
@AnnoyedCabezonFish-zs4td
8 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.
@InnKogNeeto
11 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
@megajam5286
Ай бұрын
After 9 months how’s it going?
@InnKogNeeto
Ай 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
@InnKogNeeto
Ай бұрын
@@megajam5286 maybe I should pay $100 a week?
@Found4655
21 күн бұрын
Please tell us if it makes difference 😊
@ananunez8017
Жыл бұрын
Great vid!
@Vee_Davis-wb9wd
28 күн 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
@bobdavis3357
Жыл бұрын
8th thumbs up!!
@CarCoachReports
Жыл бұрын
Thanks Bob - Happy Friday!
@Xavierpropertyshow
Ай 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?
@CarCoachReports
Ай бұрын
Talk to the general manager. If that doesn’t work, your state attorney general will help at no cost.
@busterc6600
Жыл бұрын
Chrysler capital is front end loading the loans now with interest so they get their profits back first.
@corymelvin2030
10 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 🙄
@antoniohoward8529
10 ай бұрын
Then why are you here genius?
@jrs9264
Жыл бұрын
i planned to have Lauren do it ....🙆🤯🤣
@CarCoachReports
Жыл бұрын
🤣
@mingho7882
8 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_DropTV
7 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
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