The Like/Hate Thread

[Sage]

Out of curiosity, the first payment is 169. Would you recommend paying 200? Its a 48 month loan, and I would assume that would mean that paying the minimum requirement would pay it off in that amount of time, but I also know that most of the time with credit, if you only pay the minimum, it'll never pay off. (I don't want to pay extra just yet if its unnecessary, due to needing the money).

It's a bank loan; not a credit card.

Unless your state has recently repealed its usury laws, you'll be fine making minimum payments.

My loan, for instance, was/is a 4-year loan that required me to pay around 180 bucks bi-weekly. If I only made minimum payments, it would take 4 years to pay off, incl. all the interest the bank would accrue. That said, mine will be finished probably a few months early both because I paid a little extra when I could and because my interest rate dropped to like 3.1% almost a year back. XD