Car Loans With No Credit Check
I am about to pay off a large car loan. How can I get more financial benefits?
In April, I took my first loan ever to pay for an SUV. The Inital amount was about $ 16k at 6.99%. As of today I have paid it down to just over $ 12k. As a gift my parents gave me $ 10k to to repay the loan (and I will pay them back with little to no interest) so I can pay off the loan and still have enough money to feel comfortable. But is there any way I can "funnel" the $ 12k payment that I'm about to do through some pay channel, so I can get extra benefits from it? Specifically, I had hoped using my Discover or Visa card to make payment, so I would get either cash back or air credits. But the bank that holds my loan, I tell you can only use credit cards to make loan payments via a cash advance, and none of my cards will give me the miles or cash back for a cash advance (or credit checks, either). Is Does anyone know a way I can do this work and get extra benefit from my payment (if not via credit card, a different way)?
That will depend on the length of the auto loan. There used to be a lending rule years ago that went something like this. 70/30, which meant that 70% of the interest was paid in 30% of the length of the loan. I would take the ten grand to pay the loan, pay off the balance as quickly as possible, and you'll be money ahead. I would then pay my parents same rate as the loan payments would have been less interest. That way you will be happy to save money and your parents will think more of you to pay them back.