Comments on: Free money (no, it’s not what you’re thinking) http://www.neilshearing.com/2006/07/31/free-money-no-its-not-what-youre-thinking/ Neil Shearing's latest up-to-the-minute tips and secrets! Thu, 20 Nov 2008 16:53:25 +0000 http://wordpress.org/?v=2.0.2 by: Neil_Shearing http://www.neilshearing.com/2006/07/31/free-money-no-its-not-what-youre-thinking/#comment-811 Mon, 31 Jul 2006 13:02:43 +0000 http://www.neilshearing.com/2006/07/31/free-money-no-its-not-what-youre-thinking/#comment-811 I hope it works out for you... playing the banks at their own game appeals to me a lot and I hope others do it too. :-) >My first few payments of $500 a month were mostly interest! Yes, that's another great bank trick... making you pay off interest at the beginning of a loan, then the capital. That's why banks aren't too concerned that the average person switches mortgages every seven years... they've already got a huge slice of the interest they'd get over the 25 year full term. :-) Perhaps that's why they make tie-ins only two or three years... hmm... Neil. I hope it works out for you… playing the banks at their own game appeals to me a lot and I hope others do it too. :-)

>My first few payments of $500 a month were mostly interest!

Yes, that’s another great bank trick… making you pay off interest at the beginning of a loan, then the capital. That’s why banks aren’t too concerned that the average person switches mortgages every seven years… they’ve already got a huge slice of the interest they’d get over the 25 year full term. :-) Perhaps that’s why they make tie-ins only two or three years… hmm…

Neil.

]]> by: WoW Gold http://www.neilshearing.com/2006/07/31/free-money-no-its-not-what-youre-thinking/#comment-810 Mon, 31 Jul 2006 11:16:27 +0000 http://www.neilshearing.com/2006/07/31/free-money-no-its-not-what-youre-thinking/#comment-810 Awesome idea Neil! I recently bought a Nissan Titan 30k, about 6 months ago; I owe 15k on it at the moment. I have a 12% interest rate! I just noticed how much that can impact the principle payment. My first few payments of $500 a month were mostly interest! I didn’t really notice until I checked how much I owe a couple months ago… and it was about 19k on a 20k loan. I paid 10k down payment. Well.. for those 4 months.. 2k in payments.. half of it was interest.. that's bad. So this month I sent in a extra 3k... next month I planned to do the same.. but what your saying.. I could probably put the rest on credit cards which I have almost daily offers of 0% interest free checks. I'm rambling; thanks for letting me know of this… this will probably save me thousands of dollars. Awesome idea Neil!

I recently bought a Nissan Titan 30k, about 6 months ago; I owe 15k on it at the moment.

I have a 12% interest rate! I just noticed how much that can impact the principle payment. My first few payments of $500 a month were mostly interest! I didn’t really notice until I checked how much I owe a couple months ago… and it was about 19k on a 20k loan. I paid 10k down payment.

Well.. for those 4 months.. 2k in payments.. half of it was interest.. that’s bad.

So this month I sent in a extra 3k… next month I planned to do the same.. but what your saying.. I could probably put the rest on credit cards which I have almost daily offers of 0% interest free checks.

I’m rambling; thanks for letting me know of this… this will probably save me thousands of dollars.

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