Paying my monthly payment

[snubnose]

Every time I pay my monthly bill, $58 of it goes strictly to interest. Sometimes I feel like paying the whole thing off, but can't bear to have so little left in the bank.

I wonder what the best financial advice is as far as paying in installments or paying it off. Are there any financial wizards on this board?

Some might say to make double payments each time but even if I did that, I still would have a monthly payment that is a bitch to pay.

[2k2SiAutoXer]

the best is to Pay the whole thing off as quick as you can. Just think, every month longer you pay thats another 58 bucks down the drain. If you dont need the money in the bank for something specific Id throw it all on the car. Thats exactly what Im doing when I get home.

--Tom

[snubnose]

yea, that's good advice. After I pay off the car, I could start really saving again.

[03BlueSperm]

if you wanna pay extra on top of your monthly payment, **PUT A NOTE ON THE CHECK TO APPLY THAT EXTRA $$$ TO THE 'PRINCIPAL' ;)

[StrangeShadow]

or apply the extra to my bill!;)
yeah man, pay it all off as soon as possible. If I could walk in there and pay off my car now I would.

[4g63dsm]

i'm glad i got 1.9% on mine, i have a 5 year payment schedule and my total interest is only 330

[Zero Three Si]

Originally posted by 4g63dsm
i'm glad i got 1.9% on mine, i have a 5 year payment schedule and my total interest is only 330


I think about 30 bucks a month of my bill goes to interest...not bad...

[Kis4KEN]

Originally posted by 4g63dsm
i'm glad i got 1.9% on mine, i have a 5 year payment schedule and my total interest is only 330
same here;)

[klubhedsi]

1.9 is a good deal! Im glad im part of it!

[the JigGa mAn]

Awesome we got ourselves a 1.9% club goin on here

[blueiedgod]

I am part of the 1.9% crowd too, only $21 of my payment goes to interest. If you really want to save on interest without paying more a month than you are doing now, simply divide the payment into 2 or 3. So if you have a $300 monthly payment, send 3x$100 payments in that month one week apart. Just make sure that the total $300 is received by Honda Financial (assuming that you have a loan with AHFC) before your due date. Mathematically that should lower your total interest over the 5 year period. But, if you have the whole amount sitting in the bank earning 0.1%-2% then you are better off paying off your car as it is charning you more in interest than you earn in savings. If you have one of those CD's that earn 5-7% annually, and your car loan is 6% APR, then it is a wash.

[STP03BlueSI]

My intrest is 27.31. and i shell out 297 a month....but i still like my ep.

I was lucky that my parents co-signed so i got that 1.9%:D

[kenis138]

Originally posted by blueiedgod
But, if you have the whole amount sitting in the bank earning 0.1%-2% then you are better off paying off your car as it is charning you more in interest than you earn in savings. If you have one of those CD's that earn 5-7% annually, and your car loan is 6% APR, then it is a wash.

Bingo, you have to determine where the $$ will do you the most good. Obviously, if you have high interest credit cards, pay those before your long term car loan. Get rid of any high interst, short term debt first. Then its up to you. Are you in the market to put a down payment on a house? How much is the $$ earning in the account it is presently in?

[glw]

best advice i ever got was this...

how much interest you earning on your money when it is sitting in the bank?

how much interest you paying on the loan?

if you are paying more on the loan than you are earning at the bank, get rid of the loan (as long as there are no fees to do so). i do believe that you should leave some cushion money in the bank for eventualities (maybe 1-3 months pay).

[Fast02]

Originally posted by the JigGa mAn
Awesome we got ourselves a 1.9% club goin on here


Me too!!!:D

[motomoron]

I helped my dealer out by releiving him of one of his last 2002 Si boatanchors he had cluttering up his lot.

0.9% apr financing for 24 months. I think it's about 5 bucks a month interest.

[Graywolf]

Screw you guys, I'm going home. Now I feel I'm getting assraped at 2.9% :mad:

[blueiedgod]

Originally posted by motomoron
I helped my dealer out by releiving him of one of his last 2002 Si boatanchors he had cluttering up his lot.

0.9% apr financing for 24 months. I think it's about 5 bucks a month interest.


Didn't know honda even offered 0.9% APR. I thought 1.9% was the lowest Honda ever done

[shimmy_yaz]

1.9% crew here too

[bioevolve]

You bastards, 9.9% for me for 72 months lol.

4 yrs and 3 months left now lol.

payoff is about $14,154.00

with over $13,500.00 in mods so far lol.

[motomoron]

Yep. 0.9% But only for 24 months, though. I put down like 10 and Financed the rest for 24mo.

[priest6479]

I make more money leaving my money in the bank making 6% than I do paying 1.9% in interest.
But here is the trick, overpay everytime, my bill per month is about 275, I pay anywhere from 300$ - 325$ and all that xtra money goes right to the principal.

pays it off quicker, pay less interest in the long run.

also you build up credit paying it off

[blueiedgod]

Originally posted by priest6479
I make more money leaving my money in the bank making 6% than I do paying 1.9% in interest.
But here is the trick, overpay everytime, my bill per month is about 275, I pay anywhere from 300$ - 325$ and all that xtra money goes right to the principal.

pays it off quicker, pay less interest in the long run.

also you build up credit paying it off

If you don't mind telling, what bank do you have? The highest I can get from savings is 2.5-3%. Just wondering.

[priest6479]

Sovereign Bank

[civicracer1128]

well im part of the 1.9% apr crew. it doesnt make a HUGE differece but it is really nice. its almost like i got to buy a new car without getting screwed...(never really happens) but you can see what your paying off every month. its awsome. i feel bad for the 9% bought the car for 21-24+++ right when it came out crew. but then again i bet they had the money then and they still do now so o well. i love the car and it is worth it....