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I Bought a Truck With Bad Credit. How Can I Pay It Off Faster? – Rondell

By on March 15, 2013

“Dear Steve,

I PURCHASED A MUCH NEEDED USED TRUCK FOR A NEW JOB THATS PAYING ME $60,000 A YEAR… I PUT A DOWN PAYMENT OF $1,500…THE INTREST RATE IS 18%…MY CREDIT SCORE IS VERY POOR (540)….MY NOTES ARE $425.00 A MONTH FOR, 56 MONTHS,

HOW CAN I PAY THIS TRUCK OFF IN HALF THE TIME,OR SOONER AND WHAT IS YOURE ADVICE CONCERNING THE NEXT TIME I MAY PURCHASE A VEHICLE?

THANKS
RONDELL”

credit good

Dear Rondell,

The key here is to focus on improving your credit and then you will be in a better position to refinance the truck at a lower interest rate so your payment pays the truck off faster.

Currently your credit score is in the toilet. Let’s pull it out of the toilet.

If you follow my guide How to Easily Rebuild Your Credit and Have Good Credit Again it should do the trick to leading you to a much better credit score.

Until then, the only way to reduce the total amount of interest you will pay is to consistently send more than the minimum payment each month so more of your payment goes to reducing the amount owed and not just interest.

Maybe you can commit to sending $525 a month and add an additional $100 a month towards your payment? Whatever the extra amount is, just try to do it on every single payment.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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