First Post Auto Loan

[Shaq74]

Hello everyone this is my first time posting after i just joined this site. I have a question about my auto loan payments.

I have my current account paid until October of this year, but i was wondering if i can make principal only payments instead of regular payments each month until i reach October.

[Creditaddict]

---

@Shaq74 wrote:

Hello everyone this is my first time posting after i just joined this site. I have a question about my auto loan payments.

I have my current account paid until October of this year, but i was wondering if i can make principal only payments instead of regular payments each month until i reach October.

---

yes, some banks work differntly so you can either put in memo line principle only payment or after making payment call in and ask it to be applied to principle or if it's local bank, go in and make it directly with them telling them it's principle payment.

[Shaq74]

Thanks . And I forgot to mention that my intentions are to pay the loan in full by the end of the year

[Remember0]

One quick note: You have to make your monthly payment as well. You can pay ADDITIONAL amounts to principle only as discussed above through the different ways for different lenders. But that's IN ADDITION to your monthly payment.

And congrats on planning to pay it off so quickly! Enjoy the free & clear car, and once you've paid down a bit, don't forget to cancel GAP if you buy it through your insr. company. If you bought it very recently, maybe you can even cancel GAP (read what you signed) if purchased from the dealer if you don't have any gap in value between principle owed and what an insr. co. would pay out if totaled.

[Shaq74]

Thanks guys.