re: Need advice re: car payment with high interest rate**UPDATE on page 3**

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I think if it is a simple interest loan, after you pay a full note, two weeks later pay half the note, the interest will apply to that payment. Two weeks later pay the other half or more and that one applies to the principal. I hear this cuts the interest in half and you pay it off quicker. I have not tried this, only heard about it, anyone know if this is true.

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The main reason the 2 week payment schedule pays the loan off faster is that you're making 26 half payments a year (13 full payments) instead of 12 full payments. The interest that you save by making half of a payment a couple of weeks early isn't a lot.