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Old 08-02-2016, 08:59 AM   #1
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Ally Financial and calcs

I have my MH financed through Ally Financial

The only issue is that you cant pay an extra payment which will reduce the amount of the loan

I am just wondering whether its worth paying a little extra a month

Your thoughts

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Old 08-02-2016, 09:03 AM   #2
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What is your goal by paying down/off early?
If tax benefits are primary, then accelerating the loan payment is probably not what you want to do.
If reducing interest paid and/or paying off early is primary, then go for it.
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Old 08-02-2016, 09:27 AM   #3
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Quote:
Originally Posted by edstep View Post
I have my MH financed through Ally Financial

The only issue is that you cant pay an extra payment which will reduce the amount of the loan

I am just wondering whether its worth paying a little extra a month

Your thoughts

I would think doubling a regular payment would be close to the same as making an extra payment. It may depend on the time of the month and other factors as to how much it helps.
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Old 08-02-2016, 09:57 AM   #4
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one thing i can say its not like paying down a house mortgage. I am paying it down by a 100 a month. My normal payment plus a 100
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Old 08-03-2016, 07:07 PM   #5
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If they do not apply an extra payment toward the principal. you should bank the extra instead and accumulate it until you can pay off the entire loan early. That way you earn at least a little interest on your money and save on loan interest via an early payoff.
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Old 08-04-2016, 08:13 AM   #6
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My RV is financed through Ally. On their web site, you would click on FAQ >Auto Financing>Billing & Payments > Making A Payment > Can I Make Extra Payments ? It will tell you can. and how to go about it, and I would assume it gives you the opportunity to apply the payment towards the principal. Since it asks what type of payment.
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