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Are you sure the terms of the loan allow you to "skip payments" if you paid ahead? Will any interest accrue other than the amount on the $13 balance?
My car loans in the past never let me pay ahead and stop making monthly payments without original balance interest accruing the entire time.
@Anonymous wrote:Are you sure the terms of the loan allow you to "skip payments" if you paid ahead? Will any interest accrue other than the amount on the $13 balance?
My car loans in the past never let me pay ahead and stop making monthly payments without original balance interest accruing the entire time.
I know NFCU allows you to "pay ahead" on a car loan and I believe I used to do this will Ally on GM cars - I think DCU will allow that too.
We purchased a $6k car for our adult child last Spring and used NFCU - he's a member are are we, but our credit is much (!) better. Very low APR and the payments are only $177 a month. He gives us $1000 every 6 months, we "pay ahead" his car payment, one the car is paid for we'll transfer it to him (it's in my wife's name and his). With NFCU when we make the payment, we state it is for the next 6 payments - no problem.
With Ally, I think I just paid the next bill (it's all online) as a separate payment, 2 months, 3 months, whatever - I usually run 1 or 2 months ahead on my car payments - just easier for never being late.
wrote:
Figured I'd give an update incase anyone is interested. I called in and found out that my balance of $12.91 isn't due until May 2021. Since this is my only installment loan I think I'll leave it open to help my credit score. Confirmed that my interest should be between $.01 and $.02 cents per day which I don't mind paying.
That is awesome they allow this. Most car loans don’t. Take full advantage. Enjoy.