Yeah.....havent bought a new vehicle in many years and just got a 2023 Frontier a week ago. Interest rates are pretty crazy right now. I got 6.23% which I don't like but ive been hearing about a lot higher right now. I have a 5 year loan for the truck. Would love to pay it off at least a year faster. There seems to be a dance between trying to shave time off the loan and also saving money on interest. I was wanting to throw a extra 200 bucks a month on top of my payment and pay it off early and maybe save on paying so much interest as well.
You probably know this, but if you are paying an extra $200 a month make sure you specify to your bank that you want it to go to the principle amount and not just towards another payment. If you just submit an extra 200 then it will be going towards next months interest and principle which is good, but if you have it go to principle only then it will knock off a lot more principle faster resulting in less interest being paid overall and saving you money. Plenty of YT vids on it explaining it better. You may have already known this, but maybe someone else will read it who didn't and may help them. :)
@@septemberanne4176 What's crazy is some loan contracts penalize you for paying extra to knock down the principle. Definitely read the contracts thoroughly
thank you for the video. I operate a small business and have a few equipment loans (with different $ and %) I wanted to see which of the loans I should contribute more to so I can pay less interest in the long run. Any calculators out there that could help? Thanks!
@@TravisSickle Would that be true if he is in the last year of one loan and in the 1st of another? Wouldn’t the loan with one year left be mostly principal payment anyway and the first year loan be mostly interest?
Im paying $145 plus the fee so $147.20 for a 22k Chevy impala 2015 and my est APR is 18.75%. Could you help me out with figuring out my interest and how much to pay in Principle or any tips really
thats a very very high interest rate !! get quotes from different credits unions. dont finance with dealers they will like about the interest rate to make an extra buck. even if the union gave you a 8-9 interest rate they will bump it up to make a profit.!
When should I look at interest rate versus the APR? I’m trying to find the interest rate on my car loan and I can’t seem to find the interest rate in my documents. Only the APR, which is 8.76% on a $39,481 loan.
Let’s say you took a 60 month term, you’re looking at around $615 a month with 11k of that entire loan going towards interest. Yeah, that rate is atrocious..
I need help with interest because in my math project you need to calculate payment for simple interest and compound interest :C and then we will need to say which is better
Just purchased a 24 bronco due in part to desperation and the dealership financing me. My cs was 570 in December of last year and is now 614 due to some previous acct pay offs. My rate is 14% for 70 months??? What was i thinking!!! Any suggestions out there ?
Awesome! The exact video I was looking for.
Really good video to understand the math
Thank you! Very simple!
Yeah.....havent bought a new vehicle in many years and just got a 2023 Frontier a week ago. Interest rates are pretty crazy right now. I got 6.23% which I don't like but ive been hearing about a lot higher right now. I have a 5 year loan for the truck. Would love to pay it off at least a year faster. There seems to be a dance between trying to shave time off the loan and also saving money on interest. I was wanting to throw a extra 200 bucks a month on top of my payment and pay it off early and maybe save on paying so much interest as well.
paying that extra is a smart move.
You probably know this, but if you are paying an extra $200 a month make sure you specify to your bank that you want it to go to the principle amount and not just towards another payment. If you just submit an extra 200 then it will be going towards next months interest and principle which is good, but if you have it go to principle only then it will knock off a lot more principle faster resulting in less interest being paid overall and saving you money. Plenty of YT vids on it explaining it better. You may have already known this, but maybe someone else will read it who didn't and may help them. :)
@@septemberanne4176 yup thats what i do thanks!
@@septemberanne4176 What's crazy is some loan contracts penalize you for paying extra to knock down the principle. Definitely read the contracts thoroughly
thank you for the video. I operate a small business and have a few equipment loans (with different $ and %) I wanted to see which of the loans I should contribute more to so I can pay less interest in the long run. Any calculators out there that could help? Thanks!
There are but it’s a simple rule. Payoff the one with the highest interest rate first. That is mathematically the fastest.
@@TravisSickle
Would that be true if he is in the last year of one loan and in the 1st of another?
Wouldn’t the loan with one year left be mostly principal payment anyway and the first year loan be mostly interest?
I need to know how to calculate interest with weekly and bi-weekly payments to auto loans. Rule 72 if possible. Can you help?
Great video!!!
This helps a lot thank you
But how about the per diem? On the financial bank contract for the vehicle loan?
What’s per diem?
Im paying $145 plus the fee so $147.20 for a 22k Chevy impala 2015 and my est APR is 18.75%. Could you help me out with figuring out my interest and how much to pay in Principle or any tips really
If I have a load on 26k with an interest of 14.85% what would be the monthly payment ? I’ve done the math and it doesn’t add to my payment
thats a very very high interest rate !! get quotes from different credits unions. dont finance with dealers they will like about the interest rate to make an extra buck. even if the union gave you a 8-9 interest rate they will bump it up to make a profit.!
Holy Sh1t! That's a high interest rate. I would say your monthly payment is TOO MUCH!! Look around to switch to lower interest rate!
When should I look at interest rate versus the APR? I’m trying to find the interest rate on my car loan and I can’t seem to find the interest rate in my documents. Only the APR, which is 8.76% on a $39,481 loan.
Let’s say you took a 60 month term, you’re looking at around $615 a month with 11k of that entire loan going towards interest. Yeah, that rate is atrocious..
I need help with interest because in my math project you need to calculate payment for simple interest and compound interest :C and then we will need to say which is better
it is like your problem but you need to slove it with simple and compound interest
Simple interest uses the original amount to calculate the interest, whereas, compound adds the interest to the next calculation.
Just purchased a 24 bronco due in part to desperation and the dealership financing me. My cs was 570 in December of last year and is now 614 due to some previous acct pay offs.
My rate is 14% for 70 months??? What was i thinking!!! Any suggestions out there ?
get rid of it.
How did you get the £359.37??
No seriously it’s always the part they skip
My interest fluctuates it could be less one payment and more the next why is that ?
I would have to see your loan.
Sounds like you have a variable interest rate, but I don't understand why
I signed the worst deal in my life a 2024 Honda CR-V Hybrid if I just pay the min I'll be paying over 90k 💩 payment is 6 years over 1100 💯
How come this can’t be done with out a calculator
If you know how to do long division with 2 decimal places, you could do it without a calculator lmfaooo
Pay extra towards the principal only. In the end, you'll pay less on interest
Luv ❤
😀