Stitch: Bi-weekly Payments Can Save You a TON on your Loan Balance for Cars or Mortgages
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Hi
They only makes sense if you get paid every two weeks. If you get paid twice a month, making payments every two weeks is gonna make your finances somewhat erratic
Getting paid twice a month usually means biweekly lol. Unless some jobs pay at the beginning and end of the month only? Idk which jobs pay like that though
@@carbob9964Lots of jobs, especially those that are salaried, pay twice a month. It’s common for them to do like the 15th and last day of each month.
Buying a car with cash, and only buy one you can afford. Simple 😂❤
I’ve always had to get an auto loan in the past, but paying cash is king so that is my plan for my next car 😊🚗
This only works if your loan institution does simple interest (each day calculated by current balance) and allows those payments to go towards your payment. My car payment does this but my mortgage partial payments go into a separate fund until I fully fund it each month.
Wouldnt it be the same if you just paid double once a month
I like this idea and I would do this if I got paid every two weeks. I only get paid twice a month, so the amount would be the same as paying once per month for me.
Does this work for student loans?
What neither of you mentioned is that paying your car off early will cause your credit score to significantly drop. I lost 30 points doing that 2 years ago.
Who cares about a credit score if you are paying unnecessary interest?
Credit score is debt management, not wealth management
It works if you get paid every two weeks, not if you get paid twice a month. Every two weeks is 26 Payments, but if you only get paid twice a month, then you get paid only 24 times a year.