If the total interest expense is included in the loan balance, they you'can't pay off the car without paying interest.
Yes you can, If you pay extra with every payment. Or pay the full loan off all at once.
after paying the auto loan to cover the car and more. What's left is the interest rate the lender adds on at the end of a loan, if you become delinquent in paying on the interest added, can the care get repo'd?
By paying down the principle you decrease the amount of interest you pay on the loan. This will save you considerable on interest charges over the life of the note. If you simply pay an additional amount on the loan each month, over and above the required payment amount, you will also pay the loan off in a shorter period of time.
Yes it will. They car will be paid off earlier and interest will not be as much based of the total balance.
IF you contact the lender that has the loan on it and IF the lender approves you to assume the loan.
Repo.......homo
after paying the auto loan to cover the car and more. What's left is the interest rate the lender adds on at the end of a loan, if you become delinquent in paying on the interest added, can the care get repo'd?
When it comes to car loans you want to always make extra payments, whether it be an extra 20 bucks here and there. This will go to principle rather then interest. That way you are not paying only interest on your loan, and you are not gathering interest.
Well, there is no such thing as a "Student Car Loan", but there are student loans and there are car loans. Both are serious financial obligations that accrue interest, so you should start paying them as soon as possible.
Was there a special provision which stated all additional interest charges required to be paid when you bought the car? If not you don't pay the interest if you pay the loan off early.
Paying off a car loan early may be difficult, but it has financial benefits: Interest Savings- If you pay off your car loan early, you'll save money by having a shorter time for interest to be charged on the loan, plus a smaller balance while you're working on paying off your loan. Fewer Payments- Although it'll take some planning to be able to pay more towards the loan now, you'll soon not have to worry about making any payments at all once your loan is paid off.
An auto loan calculator shows how much you're REALLY paying for a car after the loan term and interest rate are factored in. It can also calculate how long it will take to pay off your loan based on how much you are paying each month.
Yes, but they may need to requalify, or cash it out. The cash payoff, may be much lower than the loan amount, depending on the state. It will depend upon if the interest is figured into the loan, or not. Since you are paying off the loan early, that may eliminate some interest. Communicate with your bank. They do not want the car back, and will try to help you out.
By paying down the principle you decrease the amount of interest you pay on the loan. This will save you considerable on interest charges over the life of the note. If you simply pay an additional amount on the loan each month, over and above the required payment amount, you will also pay the loan off in a shorter period of time.
If you have enough disposable income with which to pay for a new car with cash, then do it. The advantages are in not having to pay any interest on a loan.
Just keep paying your car loan.Just keep paying your car loan.Just keep paying your car loan.Just keep paying your car loan.
Paying cash you pay less since no interest & you do not have to have full coverage insurance which saves more money.
Typically loans require you to pay interest. That means that you are paying a bank or finance company to loan you money in the first place. With car loans, you generally pay your interest up front, which means that at the beginning of your loan a large amount of your payment is going to cover interest and a very small amount is being applied to the principal. Unless you've managed to secure a 0% interest car loan, paying even a little extra every month will add up to large savings over the course of your loan. Your car will be paid off early and you can save hundreds, or even thousands, of dollars in the process.