Anybody know anything about loans and intrest for a car?

I have a question on a loan i took out for a car. It was 1,500.00 at 9.5% intrest for 18 months are so my payments are 95.00 a month ive paid $100.00 even starting in december of last year. its now june and i paid an extra $150 to cover july? does this save me intrest? I want to pay it off soon but do I have to pay the original $1,700 that it stated in the beginning?

 

That's how banks roll unfortunately. And be careful if you pay it off early as you might cop a fee for paying it off too early. They don't like you paying off loans too quickly because they don't get the interest off you so a lot of banks give you a fee to cover it.
But I'd just ring up whatever bank/loan place you're with and ask them. They're all different.

 

you should of just saved $1500.00 and dropped cash on that wagon ...

 

can anybody help me with my math homework? its on fractions... and the metric system

 

It's going to vary with the loan. If you went to a bank-it may pay to pay it off early. If you went thru the dealer (even if they went to a bank) it may not.

Try calling them-see what they say. If they say that you will save-have them send you a letter stating that.

You could try reading the loan agreement.

Worst case scenario-if you do have to pay all of the loan-put the extra money aside-save it-and try to still pay off the loan (save some money for repairs, emergencies, etc).

 

Are they metric fractions?

 

Thanks for the help this was a first loan ever for me and i just figured if id pay it off early i would save intrest. Its says i still owe $825.00. The front axle of the car broke and i dont want to fix it, because i am unemployed and have no money.

 

junk yard parts

fix it

 

I think we all guessed that when you took out a loan for 1,500 dollars at a super high interest rate.

 

sell weed. :scholar:

 

paying off a loan fast than the allocated time does not save you money.. nor does it help your credit.. you're better off just putting any extra money you would put toward the loan into savings and use it to pay on your car if you get in a pinch

 

Yeah thanks for the help, I now learned i dont like loans. As for fixing it I don't know if its worth it i mean broken axle valve covers leaking oil and the heater core went out of it. I already have a project car. I want to sell it and just get a decent car so i have a way of finding work.

 

you don't like loans because you didn't understand what you were signing up for? Sounds more like you're just a moron

 

i just figured it out, you get angry stoned^