Is making a 2nd payment on the principal a wise move?

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What is the better financial move make a 2nd payment of ?385 a month on my truck and apply it to the principal only or put ?385.00 in the bank in savings and if I did how much would that shorten my bank loan on my truck.. I currently have a 6% interest rate on 5 years.

Is making a 2nd payment on the principal a wise move?

Make the extra payment. There aren't any savings accounts making 6%.

Making one extra payment a month would have you paying the car off in 2 years and 4 months.

Is making a 2nd payment on the principal a wise move?

Make on principal - will save overall on the interest - earn an interest rebate. Be more than what you would earn on a savings account

Is making a 2nd payment on the principal a wise move?

It's a good idea to make a principal payment on a house but not on a vehicle. All the interest is front loaded for a vehicle so you won't save much of anything. .

Is making a 2nd payment on the principal a wise move?

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