If I threw $1400 at the principle on a $6700 balance w/24%
interest what will be my balance? (almost debt free)
How can I exit this subprime auto loan hole??
24% auto loan? Sell the car.
I don't care what the balance is.
How can I exit this subprime auto loan hole??
Your new balance should be $5,434.00
The interest payment for $6,700 (interest rate 24%) is $134.00.
1400-134=1266
6700-1266=5434
If you send a monthly payment of $469.00 after the $1,400
You will pay off this account is 12 months.
How can I exit this subprime auto loan hole??
Unless you plan to pay off the car in the next 12 months or so, then you should pay off the note completely with some other source. Join a credit union and obtain a loan from them. You may even want to look into your line of credit on an existing credit card if you can beat 24%. Anything is better 24% interest.
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