I have just gotten a car loan from a car dealership for $44780.35..and learned about paying it off early and get minimal interest charges: https://youtu.be/JLARGIGlOYM And i have done my chart as well:
Amount financed: 44780.35 Down payment: 15000 Interest rate: 5.79% Monthly interest rate = 0.4825%(0.004825)
Basically i would do a monthly payment of 11200, 11200, 11200, 10000, 500, total interest would be $545.65, and i would still end up with a total balance to pay off of $680. I want to keep the balance as small as possible because interest rate on the balance would be small and I want to keep the loan for building up credit.
Is the above logic is how it works or am I think it the wrong way?
Also how would this affect my credit scores?
Submitted October 16, 2022 at 06:06AM by Acrobatic-Can8460 https://ift.tt/F9Cd7on
