SimpleGreen
Well-Known Member
Maybe someone can shed some light on this for me.
I bought an '05 Silverado on January 16th 2010. Dealer financed it through Chase, 5 years/60 months. I've been paying the usual payment on it all last year.
I also have a 2008 Honda Rancher ATV. I bought it new in '08. I had no credit then so I bought it using a CD loan through my bank (Capital One). I gave them the $5700 to put in a CD, they cut me a check to give the dealer. That way I would build some credit (and it worked when it came to buying the truck).
Anyways, I'm going to finish the Honda next month (which is the CD's next maturity date) and close out the CD, and release the money back to myself. I was going to put the entire $5700 on the principal of my truck, then pay one normal payment and one principal only payment each month after wards, and depending on all unexpected things in life, pay the truck by fall/winter of this year (2011).
I hear all kinds of things about credit. Would this affect me negatively? I really don't want to drag this thing out until 2015 and I don't want to try and adjust my terms in case something where to come up and prevent me from keeping up with much higher payments.
Thanks.
I bought an '05 Silverado on January 16th 2010. Dealer financed it through Chase, 5 years/60 months. I've been paying the usual payment on it all last year.
I also have a 2008 Honda Rancher ATV. I bought it new in '08. I had no credit then so I bought it using a CD loan through my bank (Capital One). I gave them the $5700 to put in a CD, they cut me a check to give the dealer. That way I would build some credit (and it worked when it came to buying the truck).
Anyways, I'm going to finish the Honda next month (which is the CD's next maturity date) and close out the CD, and release the money back to myself. I was going to put the entire $5700 on the principal of my truck, then pay one normal payment and one principal only payment each month after wards, and depending on all unexpected things in life, pay the truck by fall/winter of this year (2011).
I hear all kinds of things about credit. Would this affect me negatively? I really don't want to drag this thing out until 2015 and I don't want to try and adjust my terms in case something where to come up and prevent me from keeping up with much higher payments.
Thanks.