Took 3 months to pay off my car because I was overpaying on interest each month

Switched to biweekly payments after a coworker showed me the math and it cut 11 months off my loan, has anyone else found a simple tweak that saved them more than they expected?

3 comments

3 Comments

lily_singh21mo ago

Did you put that extra toward the principal each time?

garcia.laura1mo ago

Put that extra straight toward the principal each time @lily_singh2 and track it monthly. I did the same biweekly thing and it shaved over a year off my loan too.

danielw8812d ago

Man I feel this, but also I'm the kind of person who'd forget to track it and accidentally pay off a credit card instead. I tried the biweekly thing once and ended up sending an extra payment to the wrong account because I wasn't paying attention. My bank statement looked like a disaster for three months. So yeah, if you've got your head on straight, totally go for it. I'll just be over here putting my extra money toward pizza and regret.