January 27, 20179 yr Author Not all of em. I'm actually in a lease on one now. Not sure why I thought it was a good idea. A lease can give you some tax benefits but I hear what you are saying.
January 27, 20179 yr It wouldn't be exactly half the time due to the time factor. It would take a bit more than half of the original term.You are right that it wouldn't be exactly half, I think it would be a little less. 60 payments would become about 27 or 28 payments depending on the particulars. The higher the interest rate, the more it would go below half. The lower the interest rate, the closer it would be to half. At zero interest, it would be exactly half.
January 27, 20179 yr That's because you are smart and you pay Cash Money! That's the way to go. I haven't had a car payment or credit card since 1997.
January 27, 20179 yr You have to request the extra you pay is attributed towards the principle or you are just getting credit towards the next payment ie. Still paying the same interest. You'll pay it off earlier but won't save any money if you don't request that it goes towards the principle. Not all companies automatically do it.
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