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Old 01-25-2009, 06:47 PM   #1
diddiyo


 
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Question question in regards to monthly payments

let's say my monthly payment is $400 for 48mo, but i decide to pay off $500 instead of $400 for a few months.
does that lower my monthly payments for the rest of the 48mo, or do the payments stay the same but the number of months changes?

sorry, first time car buyer here... thanks in advance!
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Old 01-25-2009, 06:59 PM   #2
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Your payments stay the same throughout the term of the loan. I would have any extra payment go towards the principal, that would pay it off early and save you a little interest.
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Old 01-25-2009, 07:26 PM   #3
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Quote:
Originally Posted by tally114 View Post
Your payments stay the same throughout the term of the loan. I would have any extra payment go towards the principal, that would pay it off early and save you a little interest.
Couldn't have said it any better....

The payment plan you work out will be the same for the whole time. Any Extra over that amount that you pay.. will be to pay off the principal which in return will save you some $$.
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Old 01-25-2009, 09:37 PM   #4
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I have USAA for a auto loan, they have this "so called" feature that if you put so many lump sums on your auto loan it lowers your monthly payments. it's like a mini refinance. they try to stop you from paying it off early so they can get as much interest as they can. I don't know if any other banks does this.
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Old 01-25-2009, 10:05 PM   #5
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Cool idea.
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Old 01-25-2009, 11:00 PM   #6
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Whatever amount you pay over the monthly payment, has to go directly into your principle. Let me repeat, the extra amount you pay a month, will NOT, and should NOT go into interest.

My advice, if you want to pay over, is to take your monthly payment- divide that into 12 and add whatever that amount is on top of your monthly payment.

Hence:
$400/mo Divide by 12 = $33.33

Now add $33.33 to your normal $400/mo payment to equal = $433.33

Most banks will give you an option annually to skip a month out of the year since you are ahead, and it will also help your credit score!

If your extra amount is being taxed with interest, then be sure to call your bank and slap them in the face for stealing your money! (Not like they aren't already anyways)
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Old 01-26-2009, 03:53 PM   #7
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Quote:
Originally Posted by Ry4nVan View Post
Whatever amount you pay over the monthly payment, has to go directly into your principle. Let me repeat, the extra amount you pay a month, will NOT, and should NOT go into interest.

My advice, if you want to pay over, is to take your monthly payment- divide that into 12 and add whatever that amount is on top of your monthly payment.

Hence:
$400/mo Divide by 12 = $33.33

Now add $33.33 to your normal $400/mo payment to equal = $433.33

Most banks will give you an option annually to skip a month out of the year since you are ahead, and it will also help your credit score!

If your extra amount is being taxed with interest, then be sure to call your bank and slap them in the face for stealing your money! (Not like they aren't already anyways)
Make sure of this in writing somewhere. I know on home loans, that the mortgage company is not required to apply it to principle unless the payee specifies it. Just adding additional funds to your payment doesnt guarentee it.
I actually just talked to a lawyer today about this (no joke), and he told me some 'horror' stories. He said they could consider your extra monies as just advance payments on the loan, and not put it toward the principle. He advised to make a seperate payment for principal only. Anyway, doesn't hurt to get clarification from your lender.
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Old 01-27-2009, 12:54 PM   #8
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If you have a payment of $400 and you pay $450, next month you would have a payment of $350. Auto loans are not like mortgages. It doesn't reduce the principle. There is no provision for that on a retail auto contract.
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