Hello everybody!
I have a current auto loan open approx Nov 2013 term 72 months simple interest contract loan APR 24.09%. I received a pre approval offer to refinance with an APR of 13.99%. I am currently with Santander COnsumer USA Holdings and make more than the min payment every 2 weeks since interest is compounded daily. They have started accepting principle only payments after I have paid the scheduled monthly payment.
My question is do I continue to make the normal payment every 2 weeks and make the additional principle payment every month? My goal is to pay the principle of approx 14K off wihtin the next 18 months.
-Thanks!