How do I save money on Car Loan?

pandydurai · Sep 17, 2007, 07:15 AM

Hi,

I owned a new 2007 Honda civic and have a car loan on that for an amount of 21K. This loan is for 5 years. I had been paying the installment about $340 per month without fail for the past 9 months. The current interest reate is 8.5% and I have a co-payer since i was not having credit score at that time.

I am getting some credit card offers now. Is there a way to save some money?

If you know please....

Thanks

Pandy

pandydurai · Oct 10, 2007, 07:01 AM

Quote:

Originally Posted by ScottGem

One other point, you can't use the card for anything else while you have a promotional balance. They will always apply your payment otwards the promotional balance and any purchases balance will continue to accrue and COMPOUND interest.

Thank you!!

your comments were so helpful...i am able to understand how this stuff works

Thank you for your valuable suggestions.

Pandy

nguyen611 · Nov 7, 2009, 04:53 AM

Hi Pandy,
One way for you to save money on your car loan without having to make any major changes is to adjust the frequency of your payment. This simple yet effective method can be easily applied to your car loan which will save you quite a bit of money. For more details on this technique and its explanation go to the following link:

http://www.mooneytalk.com/2009/10/how-to-save-money-on-your-car-loan.html

I hope this helps and good luck.
-Brian