If I want to PAY off my TL faster

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04-01-2011, 11:23 PM

#41

akash4u

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Quote:

Originally Posted by desteoh

Pay more than the minimum of every month.. save on the interest.. and reduce the payment term... by 2 to 3 month
this is what i did in the pass.....

OK.That is what I will be doing then. Thanks desteoh

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04-03-2011, 09:23 AM

#42

acurator99

1999 TL

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Are you saying your car loan is hurting you?

At least you look good in your TL right? Picking up a lot of ladies hopefully?

Quote:

Originally Posted by akash4u

If I want to reduce my monthly payment and also pay the amount off faster what do I do? Any knowledge around this topic on the forum?

Have a 2010 TL Black on Black Sh-AWD...picked it up in Nov-2010

Thanks

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04-03-2011, 09:24 AM

#43

acurator99

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Make sure your lender does not charge you an early payment penalty.

Quote:

Originally Posted by akash4u

OK.That is what I will be doing then. Thanks desteoh

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04-06-2011, 10:41 PM

#44

akash4u

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TL payment is not hurting. And not picking up any other ladies than my wife. My 2 year old might start doing this soon though..you never know.

Loan financed from Acura Financial so no early-payment penalties.

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04-07-2011, 08:29 AM

#45

MD-DRIVER

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Quote:

Originally Posted by desteoh

Pay more than the minimum of every month.. save on the interest.. and reduce the payment term... by 2 to 3 month
this is what i did in the pass.....

You can't just pay more than the minimum each month, all you will be doing is accelerating payments, you will not be reducing the interest.
You need to contact the financing company and find out where you send extra principal payments. Usually you will have to write a separate check towards the extra principal each month. If you do not do this, you may be paying it off quicker, but you will not save on interest at all.