What would happen to my car payment if I made a one-time large payment?
I got a large amount of money recently, and I wanted to make a large payment toward my car loan, which currently has $6000 and 23 months until the loan is repaid. If I were to make a large payment, around $3000, for example, would the bank recalculate the monthly payments to still be paid off in 23 months, or would the payment remain the same each month? My lender is Toyota Financial Services, if that makes any difference, or is any help.
Asked By: - 7/3/2012
Best Answer - Chosen by Asker
The monthly payment will still be the same... More
Answered By: Keren - 7/3/2012
Additional Answers (2)
Just state it's a principal reeducation or might put the account ahead for several months. As stated, make sure you have emergency funds available.
Answered By: Stan - 7/3/2012
If u like to do this and have extra emergency funds beside the amount you like to pay down go ahead, it will reduce the APR and other monthly fees like account monitoring etc. Make sure they apply the amount to the principal amount borrowed not to the interest. What it does is it shortens your loan lifetime but will... More
Answered By: schnuckibearsmum - 7/3/2012
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