Cloud's car stuff

Cloud · 09-23-2010, 07:19 PM

some questions about structuring a loan and paying it off asap (note that I have not yet decided whether to keep my present car too, trade it, or sell it myself):

1) Can I ask for my payments to fall within the second half of the month, regardless of the date I sign the paperwork?

2) What's the best way to make extra payments on the principal? Can I make any old extra payments I want? A little extra a month?

3) If I keep my car, and sell it myself later, can I use that money to make a substantial payment on my principal at that time without penalty?

I realize the answers may be specific to each lender, but loan paperwork is tricky! I want to know what to watch out for and ask.

09-23-2010, 07:19 PM	#11
Cloud ... Join Date: Feb 2007 Posts: 8,360	some questions about structuring a loan and paying it off asap (note that I have not yet decided whether to keep my present car too, trade it, or sell it myself): 1) Can I ask for my payments to fall within the second half of the month, regardless of the date I sign the paperwork? 2) What's the best way to make extra payments on the principal? Can I make any old extra payments I want? A little extra a month? 3) If I keep my car, and sell it myself later, can I use that money to make a substantial payment on my principal at that time without penalty? I realize the answers may be specific to each lender, but loan paperwork is tricky! I want to know what to watch out for and ask. __________________ "Guard your honor. Let your reputation fall where it will. And outlive the bastards!"

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