just noticed my new prius is at 10.20 EEEK!! i could buy a BMW for the total price i pay for this. 42k after all is paid off.

Anyone know how much paying more than your payment a month actually does a dent in the loan and how much more you really have to pay to make a difference....like say paying it off a year earlier, etc?

Early payments make the greatest improvement. But a 10.2% interest seems excessive.

Bob Wilson

Operation Iraqi Oil Freedom:

Automatic, stock, project car.

My other 1500 cc car:

Automatic, stock, backup car.
Free speech, dialog and knowledge thrives without the poison of SPAM.

You didn't ask about the interest rate when you made the purchase???

refinance!

But yeah early payments makes a big difference over time

Holy crap ive got shoes older than you ! no offence meant at all but...Duh !

Refinance. I've learned the hard way over the years too. Now for me, an interest rate could be a possible deal breaker on a vehicle. I got my HCH for 1.9% a few years ago. When I saw the difference, that way my turning point. Good for you for noticing it, now fix it, you'll sleep better at night.

'00 Insight "Wazabi" -75,000+ miles
'03 Toyota Matrix - 81,000+ miles
'03 HCH-CVT-OSBM-41,000+ miles (retired 04-10-06)
"I'm very secure with my little Insight, no Prius envy here."

I would look at your options to refinance. In the meantime, pay as much as you can over your regular payment because that extra money will come off the principle.

My hydroponics experiment

You ever notice how hard it is to lip read cartoon characters?
"Crazy is what the sane call Delta Flyer"

I think the information here could be useful. I know friends who got their loand approaved online by going through edmunds.com (somehow) and they got good loan rates.

READ ALL OF THE FINE PRINT and find out if you can place 'extra' payment specifically towards the principal at any time, reducing the length of the payments. You may not be able to, depending on the type of loan. Loans amortize by paying the interest off first, then eating away the principal. Paying more and specifically stating it is for principal kills the 2nd bird off more quickly.

Unfortunatley, it sounds like your lender took advantage of your youthfulness.

When I bought my 03 Prius, my bank gave me 5% fixed for 60 months on $16,300. The monthly payments are only $308 and that works just fine for our budget. Current Prius performance indicates I'm saving enough in gas, 48 MPG vs. 32 MPG for previous car, to make one car payment per year.

Bob Wilson

Operation Iraqi Oil Freedom:

Automatic, stock, project car.

My other 1500 cc car:

Automatic, stock, backup car.
Free speech, dialog and knowledge thrives without the poison of SPAM.