Making extra payments online

[FLmomof2]

We are planning on making extra payments online to our principle balance. Are there any downsides to doing this? No hidden fees or anything like that?

Thanks in advance!

 

[bakalorber]

Nope no hidden fees at all. I add some to it every time ti can. I bought last August 2009 and did the financing and with my extra payments I have already knocked off 5 years!

 

[FLmomof2]

GREAT! Thats what I was hoping. When you figure out how much you pay in interest doing financing its CRAZY! So it makes me want to pay it off as soon as possible!

Thanks!

 

[fers31]

GREAT! Thats what I was hoping. When you figure out how much you pay in interest doing financing its CRAZY! So it makes me want to pay it off as soon as possible!

Thanks!

Yup...the financing charges are insane.

 

[nunzia]

No fees and super easy..I just entered the info into my BillPay set up and sent off extra payments whenever I could (one time they did mess up and applied it to the regular payment then took a smaller amount regular payment out, but a phone call fixed that). I was all paid up until DH (!!) told me to add on..now I have one more contract to deal with and do the extra payment thing on that too. Yes..even 'preferred' interest is ridiculous and a great incentive to pay it off.

 

[PatsMom]

Just make sure that you are paying off the credit card you use to make the payment! The only thing more outrageous than DVC interest is credit card interest!

 

[ssawka]

Nope, no hidden fees, and you actually get a "bonus" if you have a reward credit card! We paid off our two loans in one year, and got a couple hundred dollars in "rewards".

 

[Nikisha421]

Just make sure that you are paying off the credit card you use to make the payment! The only thing more outrageous than DVC interest is credit card interest!

or even better if op uses/or is using a debit card....