How To Even Out Your Car Payment Each Month...
02-26-11, 02:27 PM
#1
Turkey Killer
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How To Even Out Your Car Payment Each Month...
Hey guys,
Anyone know the math to figure out how much it'd be to get your payment even each month? For instance - one of our cars payments is $514.72 and I'd like to make it $510. So what's the amount of the payment I'd have to make this month to get it even at that? I know it'd possible...just don't know how to figure it out. I know it sounds funny but i'd just rather have it be an even number for both cars. Thanks for the help ahead of time.
Anyone know the math to figure out how much it'd be to get your payment even each month? For instance - one of our cars payments is $514.72 and I'd like to make it $510. So what's the amount of the payment I'd have to make this month to get it even at that? I know it'd possible...just don't know how to figure it out. I know it sounds funny but i'd just rather have it be an even number for both cars. Thanks for the help ahead of time.
02-26-11, 02:39 PM
#2
Though it doesn't really answer your question...I'd just round up and pay $515 a month. If that doesn't work...the only other option would to be to pay down the principal as much as possible but I don't think that'll change the "minimum" monthly payment that the lender requires of you.
02-26-11, 02:44 PM
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http://tinyurl.com/5vduy3h
Hope this helps.
If you still insist, maybe this:
http://tinyurl.com/475md2f
Excerpt from the second link:
So to answer your question: No, it's not possible unless you get it refinanced.
Hope this helps.
If you still insist, maybe this:
http://tinyurl.com/475md2f
Excerpt from the second link:
Your loan contract is a fixed payment agreement. If you pay more than the minimum payment the term will be shortened but the monthly payment will stay the same. Those who are saying that your future payments will be lowered are simply wrong; they don’t know what they’re talking about.
A credit card has a variable payment based upon the amount of principal. Paying extra one month will potentially lower the payments due in future months.
A fixed payment note like a car loan or fixed-rate home mortgage has equal monthly payments that must be made every month. Paying extra on any payment will shorten the term of the loan and will save you money in the long run.
A credit card has a variable payment based upon the amount of principal. Paying extra one month will potentially lower the payments due in future months.
A fixed payment note like a car loan or fixed-rate home mortgage has equal monthly payments that must be made every month. Paying extra on any payment will shorten the term of the loan and will save you money in the long run.
Last edited by Not Daniel; 02-26-11 at 02:49 PM. Reason: Added additional post text...again.
02-26-11, 03:13 PM
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If u like an even number I agree with above, just pay $515 or $520...that way your actually adding to your loan principal (even though its only a little, it helps).
