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Auto loan shananigans?
Well I'm paying off my auto loan that started at about $18,000. My payments are $349.77 a month... $279.08 goes towards the principal and 70.69 goes toward interest. the past two months I have paid my payment and added $1000 each time towards The principal. So my principal is at $15,766 right now, but the reason I'm thinking something is up is because on my last payment it says $251.41 went toward principal and $98.36 went toward interest..... Why did they put more of the payment toward interest this time? Are they allowed to do that? I haven't been late and it's a 5 year loan, so the payments stay the same
2 Answers
- Howard LLv 78 years agoFavorite Answer
You need to ask your lender this question. When you make extra payments you need to tell them where the extra money will go. They might have used the money to prepay interest or maybe your loan has a penalty for early payment and the extra interest payment was the penalty.
