I have a truck loan for 72 months. I can pay it off earlier. The loan is for 39,000.?
Answers:
Assuming that you went 45-days until your first payment, your total interest for 72-months is $7,652.40. If you pay it off in 12-months, your total interest will be $1,379.76 for a savings of $6,272.64.
Auto finance is what I do for a living and I would not recommend paying it off until you have made 12-payments. This is the number one thing lenders look for when they get applications.
its always good to pay it things off early.. and good luck
After you look at how much you will save in interest look how much you will lose in depreciation. Go out and look at how much a model similar to yours is selling for that is couple of years old. You might be surprised at the difference. If the new truck is 39,000 and the low mileage older truck is 30000 then you would have saved 9000 dollars right of the bat. You might be able to sell your new truck and buy the slightly used one and pocket the savings. Good luck
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