Comments on: Extra Car Loan Payments

By: 2008’s Best Of Green Panda Treehouse — Green Panda Treehouse

2008’s Best Of Green Panda Treehouse — Green Panda Treehouse — Wed, 24 Dec 2008 09:04:46 +0000

[...] Extra Car Loan Payments [...]

By: bethh

bethh — Wed, 27 Feb 2008 21:22:15 +0000

I have the feeling that the interest is calculated monthly, so if you pay extra now, there will be a smaller balance when the interest next gets calculated. I’ve been paying extra on my car loan, and it shows that it’s paid through January of next year, but I’ll be sending in the last payment next month. When I’m done I’m going to get the final information from them (if possible) to see exactly how much interest I paid.

Good luck getting your question answered, but the information might be on the small print of your loan paperwork.

By: Green Panda

Green Panda — Tue, 26 Feb 2008 02:12:57 +0000

Susan: If I’m feeling better, I’m going to my local ranch and asking. Thank you for the suggestion.

Sue: It is a financed car. I’ll ask if they would accept that plan.

By: Emma

Emma — Mon, 25 Feb 2008 17:59:30 +0000

That sucks. I remember paying extra on my Golf GTI. All the extra payments that I did make did go towards the principle, we had our loan through USAA though, not a DCredit union, maybe they work differently?

By: Sue

Sue — Mon, 25 Feb 2008 17:49:59 +0000

I am assuming this is a financed car. The online payment did not work for my financed
car. I needed to send a regular check for the principal payment.
For my leased car that I paid off first I sent in a principal payment with no problem.
The financed car required a manual check. For one of these, either the financed or
leased I needed to send the payments to a separate office.
I would recommend calling customer service back and ask where to send the payments
to pay down the principal.
Good luck.