Car payments

[Anonymous]

Do bi weekly car payments work, and can you do them yourself

[Kenny]

Each lender is different, but for most people it's monthly car payments that you can indeed do yourself.

The only lenders that I know that do biweekly car payments are usually subprime lenders. (However, banks may allow partial payments biweekly to satisfy the monthly payment... I'm just not aware of this.)

[0REDSOX7]

Kenny is correct. Many subprime lenders allow (and encourage it) as they usually charge a few for it.

With that said, every auto lender I've used (Honda/GMAC/local CU) allow you to make one payment a day - so you could in theory do what you want.

They do help with interest though - reducing the term of the loan by a few months depending on loan details.

[Anonymous]

Depends on your lender.  I have an auto loan through Chase Bank.  While my payments are scheduled monthly...you can go online and make bi weekly payment.  The only caveat is both bi weekly payments need to post before the montly due date.  

[Creditwiser]

This is interesting and Ive had both types of lenders with car loans in the past.  I recently posted on another thread wondering if NFCU allowed this bi weekly or pay when you want practice. I'm approved but havnt secured a deal yet so It will be a while before I know for sure. Someone posted that they were able to pay NFCU every week if they wished.

[0REDSOX7]

Most lenders don't matter how many payments you make (though most limited to one every 24 hours).

As long as the total amount due is paid by the due date, there should be no issues.