Jan 23, 2021
1:09:19pm
1:09:19pm
Question about car loan compared too mortgage loan
With a mortgage, if you make payments beyond the minimum, you reduce the principal and lower the total amount you pay in interest over the life of the loan.
Is it the same with a car loan or does the interest amount get applied to the loan and if you make extra payments all you are reducing is the amount of time until it's paid off?
Is it the same with a car loan or does the interest amount get applied to the loan and if you make extra payments all you are reducing is the amount of time until it's paid off?
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