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Good Morning!
Quick question for everyone out there. I recently did a refi on my auto loan from USAA to NFCU. I got a lower rate and i also got a $250 bonus for switching. The $250 was deposited into my account this week and I want to put it towards the loan as principle only payment. I could not find the option online to make that type of payment so I went ahead and called them. The representatvie told me that this is not possbile to do on an auto loan. When I asked why she told me it was impossible because it is simple interest. When I asked her for a better explanation she told me that any payment I make would go towards interest, then principle
I know in the past I have made principle only payments with USAA. Does this make sense to anyone?
Thanks!
If you apply to your loan, they will just show you on future payments that you dont' owe the full payment because you already paid $250 towards that months payment but if you just continue to make the full payments you are in turn applying the extra towards your principle.
thanks for the reply. Just wanted to see someone who has had experienced with this. My next monthly payment is 35 dollar haha. I plan on making another payment plus more
I had the same scenario with GM a few years back. I liked that set up since it gave me the flexibility the following month to pay less or sometimes none at all. Plus knowing you're payments are obviously on time.