Paying extra on the monthly note? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Hemlawk · 02-14-2011, 09:22 AM

I might throw a couple thousand dollars at my monthly payment. Will that lower my future monthly bill or will it lessen the amount of months I owe?

I wanted to put 10k down, but something came up and I now havr to put 9k down. I'll have that extra cash in about a month. I'm buying the car next week.

My main concern is a lower monthly payment. For now...

Any advice?
Thanks!

wilmaya · 02-14-2011, 09:28 AM

It's gets a little complicated if you send it in with your regular payment. Might not work out the way you want. It's best to call your lien holder first.

metthem · 02-14-2011, 09:33 AM

It will just lower your ending balance, monthly payments will remain the same. You will need to get a new loan to lower your monthly payments, and use that couple of thousand to reduce the new loan.

67 Convertible · 02-14-2011, 09:36 AM

Yup, your monthly payments will stay the same, your car will be paid off earlier.

Hemlawk · 02-14-2011, 09:39 AM

Thanks guys.

I need more cash quick then...

02-14-2011, 09:22 AM	#1
Hemlawk AwesomeBillDawesonville Drives: CGM 2SS/RS =) Join Date: May 2009 Location: Jersey Shore Posts: 2,067	Paying extra on the monthly note? I might throw a couple thousand dollars at my monthly payment. Will that lower my future monthly bill or will it lessen the amount of months I owe? I wanted to put 10k down, but something came up and I now havr to put 9k down. I'll have that extra cash in about a month. I'm buying the car next week. My main concern is a lower monthly payment. For now... Any advice? Thanks! __________________ Order placed on 1/13/11 - Purchased 2/22/11 2SS/RS CGM

02-14-2011, 09:36 AM	#4
67 Convertible Drives: 67 Camaro Convertible Join Date: Jun 2009 Location: MA Posts: 1,718	Yup, your monthly payments will stay the same, your car will be paid off earlier. __________________ _____________________________________________ 2LT/RS RJT, Blk Rally Stripes, Beige Interior, Sunroof Placed order at dealer 4/24/09 1100 - 4/28/09 2000 - 5/01/09 2500 - 5/05/09 3000 - 5/05/09 3300 - 5/30/09 3400 - 6/05/09 3800 - 6/18/09 4000 - 6/18/09 4B00 - 6/18/09 4200 - 6/22/09 5000 - 7/01/09 6000 - 7/01/09 It's Home!! 0000 - 7/14/11 Traded in with 24,000 miles. Currently 5th Gen less

02-14-2011, 09:39 AM	#5
Hemlawk AwesomeBillDawesonville Drives: CGM 2SS/RS =) Join Date: May 2009 Location: Jersey Shore Posts: 2,067	Thanks guys. I need more cash quick then... __________________ Order placed on 1/13/11 - Purchased 2/22/11 2SS/RS CGM

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02-14-2011, 09:28 AM	#2
wilmaya Drives: 1970 Chevelle SS396/496 Join Date: Jun 2009 Location: Morristown, NJ Posts: 422	It's gets a little complicated if you send it in with your regular payment. Might not work out the way you want. It's best to call your lien holder first.

02-14-2011, 09:33 AM	#3
metthem Drives: 2011 LS Join Date: Oct 2010 Location: Cincinnati Posts: 943	It will just lower your ending balance, monthly payments will remain the same. You will need to get a new loan to lower your monthly payments, and use that couple of thousand to reduce the new loan.