With both, extra payments avoid interest and reduce time until the loan is

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Jan 23, 2021
1:11:36pm

garyfan Truly Addicted User

With both, extra payments avoid interest and reduce time until the loan is

fully paid off.

If you aren't sure, you can clarify with the lender before paying.

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garyfan

Bio page: garyfan
Joined: Sep 19, 2013
Last login: May 1, 2024
Total posts: 37,628 (3,853 FO)

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Messages

Author

Time

Question about car loan compared too mortgage loan

Pete Office Linebacker

1/23/21 1:09pm

That is how my car loan worked. Sometimes you have to ask for the extra payment to pay towards the principal though.

byuluvr

1/23/21 1:10pm

^this. Sometimes they will just consider them extra payments and push out your next payment due date.

TwinsRight

1/23/21 1:20pm

With both, extra payments avoid interest and reduce time until the loan is

garyfan

1/23/21 1:11pm

It's the same, you are paying down the principal.

ordinary tri guy

1/23/21 1:12pm

What you are describing on the car side is a lease payment. In those, the

The Old Y

1/23/21 1:34pm

Thanks everyone. I won the argument. 🙂

Pete

1/23/21 3:18pm

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