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Thread: Car Financing Question.
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04-09-2006, 10:50 AM #1
Car Financing Question.
Does doubling up car payments save money?
Right now i am saving up for a new tiburon approx a 20,000 car.
anyways, plan is 14,000 cash downpayment by september.. finance 6,000 over 1 year or less.
But have question, on double up payments.
When u take out a loan for a car... isn't the total cost fixed.
so if u doubled up payments it woudl have no effect on how much u eventually pay.
In other words.. The interest on a double payment, would be twice as large as on one payment right? meaning in the end even if u pay triple or quadruple payments, u'll still pay the same amount of interest.
Meaning u really save nothing by making larger payments..
and thus a bigger downpayment is by far the best choice finance wise?
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