How do I make payment on the principle and not interest on my loan?
#1
How do I make payment on the principle and not interest on my loan?
Half my payments go towards interest on my loan. Is there any way to get the bank to apply my payment to principle?
#3
Yes, overpay.
Exa: if you monthly payment is 200 and you pay 500, then the additional 300 wil reduce you principal (besides the small amount in the payment due-which depends on how far along you are on the payments).
does this help?
Peter
does this help?
Peter
#7
I just transfered some more money online.... it worked, principle now lower!
Makes me want to transfer my whole checking account over but then the car would be half paid for and then i'd be broke till next month. Getting paid by the month is both a blessing and a curse.
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#8
I'd recomend writing two checks......
And clearly mark the second one, "Pay toward principle".
From experience, they will not always apply the the 'overpay' unless stated. They're losing the interest; So usually they won't assume your payment or overpay is towards your principle.
From experience, they will not always apply the the 'overpay' unless stated. They're losing the interest; So usually they won't assume your payment or overpay is towards your principle.
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