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Do I Need To Pay Down The Loan To Zero Once Every Year Like My Bank Makes Me Do?

I want to know that do I need to pay down the loan to zero once every year like my bank makes me do?

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Bill Boyd

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It is in your interests to do just that even if not earlier
outstanding debt accrues interest on a daily basis and is a big reason why people are in financial trouble
Rolling credit although good is more expensive because of the ongoing interest being charged
make your money work for you and not for the bank

Posted on Oct 01, 2015

Carol Terry

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No. Capital loan doesn't have annual pay down requirement, unlike a lot of lenders.

Posted on Oct 01, 2015

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Whatis1.5 percent interest on\$6,300.0o pr annum

depends on how often you pay off principle and how much dollars.
and how often you are charged interest.
fv=pv*(1+interest rate)^n n being the term of interest
so lets assume you pay zero off it and interest is calculated daily
fv=6300*(1+0.015/365)^365
interest = fv - pv
= 95.21 for one year without repayment
if you were to pay approx 25.15 a week you would pay this loan in 5 years time and pay approx \$240 in total interest over five years
EXCLUDING future interest rate increases over the five years and excluding bank fees like account fees or account manage fee or setup a loan fee.
You could create a spreadsheet each day and calculate the interest as annual interest / 365 for the daily calculation
Then add the account fee onto the balance calc + any set up fee onto the start balance. by using =a\$5 for the repayment on all rows as an example you can copy it down and the cell number will always be a\$5
this way you can alter a5 and the repayment alters all the way down each week row.
or just download a template for excel
https://templates.office.com/en-us/Loan-amortization-schedule-TM10073881
Jan 19, 2018 • Computers & Internet
tip

Tips for Driving Down the Price of Your Auto Loan

Here are some helpful tips for taking out an auto loan:
Before you sign on an auto loan, make sure to compare interest rates. The car dealership may not offer you the best rate. Check other lenders such as banks and credit unions. (Credit unions usually have better rates.) There are many sites online that compare interest rates from different lenders.
If you are able to come to the dealership with a pre-approved loan, you can focus your energy on negotiationg a better price for the car. Once you've been told you have a loan, make sure you have the loan in writing before you buy the car. Your credit score may not be high enough to be eligible for the loan you are offered. That's why it's important you know your credit score, so that you can better negotiate your interest rate on the loan.
Also, avoid loan stacking: Car dealerships may offer you a new loan that will help you pay off a loan on your previous/current cas as well as finance a new car. This is never a good idea. Agreeing to this type of loan means that you are taking out a much bigger loan than you need to.
Try to pay off as much as you can up front, so that you won't need to be paying off the car for years and years to come. In general, it's always a good idea to avoid long-term loans. Although these usually come with low monthly payments, your car's value could decrease signigicantly before you pay off the loan. You may be stuck paying off a loan for a car you no longer even want.
Also, be sure to ask if there are any penalties for paying off your loan early.
I hope these tips helped you with purchasing your new car!
on Sep 23, 2013 • Finance

How to Pay Off a Car Loan Faster?

Depending what company you are with most will let you make extra payments. Some people spend money on going out to eat or buying coffee each day Well put the money you spend for coffee and lock it in a place and once a month put that on your loan. Coffee at two dollars a cup every day means over seven hundred dollars a year. Some people can save over a thousand dollars a year or more that way.
Also if you can pay twice a month the interest cost goes down as well. Even if you split your payments to twice a month your interest is cheaper than if you make a full payment once a month. Even weekly payments is better. The secret is if you come into extra money DON"T blow it. Pay down your debt.
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I need a loan to buy a new car, what do I need to do?

Basically, you need to know how much money do you need and in how much time you can pay it back. Please read this article:
Aug 08, 2013 • Finance

Want a website that deals in bridiging finance, any suggestion please?

Bridging finance is very helpful when you need a short term finance.I recommend you to check http://www.charlesfrankfinance.co.uk/
Nov 25, 2012 • Cars & Trucks

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Hello Sir/Ma
Have you been seeking for a loan??
Have you had problems with your bank and they have refused giving you a loan?? Do you have bad credits?? Consider all these no problem .An organisation with Approved Lending Institution Status under Section 156 of the Housing Act 1985 as amended by the Housing and Regeneration act 2008.For more enquiries.

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