Direct financing question

[LadybugsMum]

I financed my direct points with Disney. I have a monthly auto-payment set up, but I want to make extra payments to pay the loan off early. The only way the system is allowing me to make a principal only payment is to use a credit card which defeats the purpose for me (and I don't have a Disney Visa). Am I missing something? Why wouldn't it let me make a payment with the bank account I'm using for my monthly auto-payment?

 

[sethschroeder]

Why not pay with a credit card, get the rewards/benefits, and then pay off the CC right away? You basically are going to get a free 1-2% back likely based on your CC.

I have no experience with the Disney financing though. Its interesting though that you can pay it off with a CC.

 

[LadybugsMum]

Why not pay with a credit card, get the rewards/benefits, and then pay off the CC right away? You basically are going to get a free 1-2% back likely based on your CC.

I have no experience with the Disney financing though. Its interesting though that you can pay it off with a CC.

My credit card doesn't have any type of rewards.

 

[Fangorn]

Do you have a debit card attached to that bank account? If so, you can use that to make a principal payment.

Steve

 

[Marionnette]

I financed my direct points with Disney. I have a monthly auto-payment set up, but I want to make extra payments to pay the loan off early. The only way the system is allowing me to make a principal only payment is to use a credit card which defeats the purpose for me (and I don't have a Disney Visa). Am I missing something? Why wouldn't it let me make a payment with the bank account I'm using for my monthly auto-payment?

Is there a reason why you cannot make the extra payment with the credit card (such as a low limit or little available credit)? Because it’s possible to pay the credit card off right after the loan payment hits. You don’t have to wait for the billing cycle to end.

 

[LadybugsMum]

Do you have a debit card attached to that bank account? If so, you can use that to make a principal payment.

Steve

Hah. Clearly I'm not getting enough sleep as that didn't even occur to me. I will do that. Thanks!

Is there a reason why you cannot make the extra payment with the credit card (such as a low limit or little available credit)? Because it’s possible to pay the credit card off right after the loan payment hits. You don’t have to wait for the billing cycle to end.

I prefer to leave my credit card out of the equation if at all possible. I do better when paying cash for stuff.