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If you pay more than the amount due every month do you still get charged the same amount of interest?

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Wiki User
2015-07-16 19:19:27
2015-07-16 19:19:27

NO, you should actually pay LESS interest over the period of the loan. You will actually pay it off sooner.

If you are paying more then you need to specify to the dealer that you would like all overpayments to go twards the princeple not the interest which by lowering the princeple will automaticly lower the interest.

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