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Old 08-17-2009, 08:03 PM   #1
hollywoodjose
 
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question about financing

Hey everyone, i dont know if this is the right place to put this but i have some questions about financing.
Here's some infor regarding my loan.
I'm 27 and have good credit, this is my first car loan though.
My interest rate is 4.99%
My original loan amount was 31499
I've made 3 payments so far : 500, 500 and 660
My payments are supposed to be 445.06


My question is my last payment was for 660.00 and my balance before the payment was 30,636. When i look at my account it says my new balance is 30160.

Out of all my payments it says that this one had 184$ applied to interest, while the others only had 50 and 80 applied to interest.

So my question is how come if i pay more, more goes to interest instead of principal? Any help would be appreciated.
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Old 08-17-2009, 09:14 PM   #2
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Generally you need to request the additional payment go towards the principal, otherwise it is applied according to whatever your credit agreement states.
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Old 08-17-2009, 09:32 PM   #3
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Or depending upon who you're financing through, they may just decide to apply what they want where they want no matter what you specify.

My truck is financed through Chase, and they do this. As a consequence I will not finance anything with Chase anymore.

I'm making lots of big extra payments to the principle payment address, in addition to my normal scheduled payments. Every so often, the amount of accrued interest crosses some threshold and they convert a principle payment to a regular payment.

In the end it makes no difference because I just change my regular payment to go to the principle address but its just a big pain in the butt, and specifically a pain in the butt thats the result of them trying to squeeze every bit of interest they can out of me...
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Old 08-18-2009, 08:17 AM   #4
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i just paid my car off through Honda Financial and from what i could tell is that, the interest your loan is set at is a specific number... lets say $2k, the interest will come out more based on your balance... as you pay the car off the less you pay towards interest.. they scale it that way so the finance company makes most of the interest before the principle is paid...

it's factored by term too, but if you continue to pay more per month than what is required you will just have it paid off sooner... in the beginning they will get as much interest as possible (of the $2k) then scale it accordingly towards the balance because you are paying off the loan sooner than the term that it was agreed upon..
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Old 08-18-2009, 07:18 PM   #5
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Hey i called them today and they said the reason that my interest went from 80 to 180 is because of how many days in between payments. She said if i keep my payments on a steady schedule that the interest should be the same every time.
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Old 08-19-2009, 07:14 PM   #6
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one more thing is that my payments broke down like this
payment 1 - 500$ - 444.02 went to principal, 55.98 went to interest
payment 2 - 500.06$ - 419.39 went to principal, 80.67 went to interest
payment 3 - 660$ - 475.71 went to principal, 184.29 went to interest

does this seem fairly normal? i just gave my grandparents the money every month on my last car cause i wasnt old enough to have credit yet and wanted the better interest rate. So I never looked at my month by month changes on my old car
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