Loan payment question

[candyht]

I just found that our financing for BCV through Disney has been approved. Since our loan payments will be deducted automatically from our checking account, how do I pay a little money each month. By just adding an extra $15 a month, I can reduce almost 2 years off the loan.

 

[RobDoc]

If you wish to increase your autodebit payments , Member Accounting can probably set it up for you. I might suggest leaving the autdebit as is, and simply sending a check or calling with a credit card payment anytime you want to pay extra principle on your loan.

Enjoy!

 

[trampslady]

Okay, this is the same idea I had. I just paid an additional $100 this month and plan to do the same each month. Our loan is for only three years at $346.00 monthly. How can I find out our much sooner we will have it paid off by paying $100 on the principle each month. I know this is a finance question (and I avoid numbers like the plague!) but I figured someone might know of a website or something that could quickly figure this for me!

Thanks!!!!!

 

[candyht]

Originally posted by trampslady
Okay, this is the same idea I had. I just paid an additional $100 this month and plan to do the same each month. Our loan is for only three years at $346.00 monthly. How can I find out our much sooner we will have it paid off by paying $100 on the principle each month. I know this is a finance question (and I avoid numbers like the plague!) but I figured someone might know of a website or something that could quickly figure this for me!

Thanks!!!!!

You go to Bankrate.com. They have on-line calculators that figure out everything.

 

[Dagny]

Here is one I use for a "quick and dirty"....

Yahoo Amortization Calculator

 

[trampslady]

Wow! Thanks, Dagny. I can have the entire balance paid off almost 10 months early by paying an additional $100 per month by phone. I love it!

You are from my neck of the woods...I live in Dallas, TX! Of course, my home away from home is at Disney!

 

[cgcw]

Our loan payment is deducted monthly from our savings account. I just sent a fax to them requesting an increase in the amount withdrawn each month. The fax included our membership number as well as name and address. It was sent to fax #407-566-3284. Hope that helps.

 

[littlestar]

Hi!

Our dues and loan payment are deducted through our checking account. I send an extra payment by check every month. DVC requested that I include a note saying something to the effect of "extra principal" payment. So I typed up a letter in Word (saved on the computer) with our contract numbers and I write out beside the contract numbers what amount to apply to principal (I write one check and we've got a master contract and an add-on). The address to send the extra payments to is listed in your Member Guidebook.

Ever since I've included the letter in with my payment, I've had no problems with DVC applying the payment to principal.