Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

If you could cut your payment time in half would you?

I have a car that has a 4 year payment and it will be paid off in 1 year? I am glad someone told me about this. I was reluctant but it is working.

Answer Question

Asked by Godswk at 8:46 PM on Jan. 27, 2009 in Money & Work

Level 9 (282 Credits)
Answers (3)
  • I planned on doing this with our tax returns to cut my 5 year car loan in half but things are always popping up. The dryer just died on us recently, we NEED a fence across the back portion of our yard (non-negotioable- it has to get done), and I have to pay back my step-dad for loaning my husband money to buy our second car, which he needed for work.

    Answer by ReneeK3 at 8:48 PM on Jan. 27, 2009

  • How do you do it? What is the trick? I have never heard of it,,,but would LOVE to cut my payment time.

    Answer by ketha04 at 8:49 PM on Jan. 27, 2009

  • We will be doing the same thing with our mortgage too. We will have our mortgage payed off in 6 years and we will have paid off a 30 year mortgage in 12 years. All the money that you save in interest is incredible! With your car you will save thousands, with our house we will save tens of thousands (really about $100k).

    Answer by slw123 at 8:51 PM on Jan. 27, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.