Auto Loan Interest Question?

Is auto loan the same as home loan where as the more you pay each month, the less interest you will be paying for the life of the loan?

Auto Loan Interest Question?

You need to read the fine print to be sure, but the answer in general should be yes. READ YOUR CONTRACT!!!

Auto Loan Interest Question?

yes most car loans compute the interest on the remaining balance each month and use this amount to figure how much of your payment goes to the bank as interest and how much is applied to the remaining balance

Auto Loan Interest Question?

What you need to read is what amount the loan is costing you. It is under cost of credit. That is what that lender is charging you to obtain the money from them, that is the fine print. Look for prepayment terms, simple interest loans generally have no prepayment penalties, so if you pay it off early, it is calculated what your last payment will be minus the amount credited back.

Auto Loan Interest Question?

Yes, in most cases, your payments should be structured based on a fixed term an example of this would be 5 years (60 months) at lets say $100.00 a month in the beginning the breakdown would be like $10.00 principal $90.00 interest until you are about to finish the loan the principal would be $90.00 and the interest would be $10.00 (guess figures not accurate) it is also best instead of paying one monthly payment to pay bi-weekly this should reduce amount. of time or it would let you have the ability to reduce the amount paid over the same period of time.

I hope this helps.

Auto Loan Interest Question?

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