[Dodge Doll]

So you've bought the wheels you wanted, and you secured your own financing.... well, there's a detail the banks won't share with you about that loan: I will.

All of the interest is "front end loaded": that means your first year or two of payments are almost ALL interest, and very little goes towards the principle. A five year term will see you pay down the principle by very little in the first 2 years: the bank is making sure they get paid first!

Shorten the term dramatically by making extra payments in that first year or two, and make them in person so that you can direct that the funds to be put against the principle balance owing. Scraping up an extra $500 alone in that first year can make a substantial difference, and it looks good on your credit rating.

[Dodge Doll]

Hmmm, I forgot a detail, too: in most cases, the interest rate you pay is NEGOTIABLE.

If a bank loans officer convinces you that the best rate you can get is 12%, when the truth is 10%, that 2% difference is their COMMISSION every month, every payment..... DO YOUR HOMEWORK.