Pay Attention
I just got off the phone with the company who holds the loan on my truck. I called them to see if they would take the extra amount I paid this month ($35) and put it towards the balance instead of, as the rep cleverly put it “next months payment”
I knew I wanted it on the balance, but the way he said it, it almost seemed like his idea was better! It would not have saved me anything in the long run, but it seemed to make sense.
I think some people may have the idea that the company has the best interest of the consumer at heart — they dont, so you need to keep your foot on their neck so to speak. He suggested that I hold my payments quarterly and then I’d only have to make 4 phone calls per year. However, if I did that, the interest would roll up on the loan faster for a time while I saved up for my first quarterly payment. Im just going to keep doing what I’m doing.
I hope to pay this off early, so it looks like I’m going to have to call them every month and make sure they do what id like. I wish they would just have an option online, but 12 phone calls a year can save me hundreds of dollars over the term.
So if you’re not sure, call your lender up and ask. You’ll be happy you did.
