subject: Car Loan Payoff Calculator [print this page] I am upside down in my car loan payment. This happens when you owe more on your car than its worth. If only I had a way to bring down my total and pay off the car earlier. When I brought the car it was my first, and brand new. People told me I should get a used car. I could have the same car a little cheaper, but I wanted it to be new. I paid that "new" price. Now I am in a dilemma. A friend told me they got a car loan payoff calculator from their dealer and that help him get from under his upside down car cost.
So I decided to talk to my dealer and see what this car loan calculator was all about.
First, the finance guy did not seem to know what I was talking about, he kept talking refinance, but my total owed was still the same. Then one of the salesmen happened to hear us talking and said, "You mean the car loan payoff calculator. You reduce your principle by adding extra money to your monthly payment, and you wind up paying less interest". The loan officer then recalled what the car loan payoff calculator was about. I gave him my loan information. I brought my car for $21,945 with tinted windows, under carriage coating and the special 5 year warranty. There were the taxes, tag and title, and I put a $1000 down. I ended up with a $20,140 loan at 9% for 60 months. With the car loan payoff calculator, just by adding an addition $50 a month to my monthly payments of $418.07 will give me a 7 month reduction in terms. I would save $ 503.26 off of the principle balance of the loan. I guess I will pay a little less for my car after all.
Car Loan Payoff Calculator
By: Nick Batt
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