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Mrs. h2
Lv 5
Mrs. h2 asked in Business & FinanceCredit · 1 decade ago

If you stay 30 days in advance on your car pymt?

And the pymt intrest is 8 per day 8x30 for the month would you save 180 per month?

3 Answers

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  • bdancer222
    Lv 7
    1 decade ago
    Favorite Answer

    No. You would just pay off the car loan one month early.

    Interest is calculated on the loan balance. Paying 30 days early might save a few pennies of interest, but that $8 per day interest is based on the loan balance, not the payment amount.

    Source(s): BD
  • Rick B
    Lv 7
    1 decade ago

    HUH? Your interest on a car payment is not 8 dollars per day!!!!

    No, paying 30 days early will not affect your payment.

  • npk
    Lv 7
    1 decade ago

    No. Installment loans do not work that way. They're not the same as credit cards.

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