topic Re: Alliant CU loan prepayment in Personal Finance

Alliant CU loan prepayment

addicted_to_credit — Thu, 22 Apr 2021 05:25:52 GMT

I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?

Re: Alliant CU loan prepayment

AllZero — Thu, 22 Apr 2021 06:09:19 GMT

@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?

I don't have first hand experience. From reading threads on Alliant, I am under the impression that prepayment will push out the next payment due date. You may want to follow your account closely if that is the path you choose.

Re: Alliant CU loan prepayment

SouthJamaica — Thu, 22 Apr 2021 12:16:59 GMT

@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?

They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.

Re: Alliant CU loan prepayment

AlmostNJ — Thu, 22 Apr 2021 12:29:57 GMT

@SouthJamaica wrote:
@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?
They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.

They DO NOT? Then the next payment is still due the following month no?

Re: Alliant CU loan prepayment

SouthJamaica — Thu, 22 Apr 2021 14:08:46 GMT

@AlmostNJ wrote:
@SouthJamaica wrote:
@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?
They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.
They DO NOT? Then the next payment is still due the following month no?

No, I'm saying they leave the due date where it is. If you prepay the May and June payments, your next payment is due in July.

Re: Alliant CU loan prepayment

addicted_to_credit — Thu, 22 Apr 2021 14:54:17 GMT

@SouthJamaica wrote:
@AlmostNJ wrote:
@SouthJamaica wrote:
@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?
They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.
They DO NOT? Then the next payment is still due the following month no?
No, I'm saying they leave the due date where it is. If you prepay the May and June payments, your next payment is due in July

@SouthJamaica do you have personal experience with them and making payments like this?

Re: Alliant CU loan prepayment

SouthJamaica — Thu, 22 Apr 2021 17:56:31 GMT

@addicted_to_credit wrote:
@SouthJamaica wrote:
@AlmostNJ wrote:
@SouthJamaica wrote:
@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?
They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.
They DO NOT? Then the next payment is still due the following month no?
No, I'm saying they leave the due date where it is. If you prepay the May and June payments, your next payment is due in July

@SouthJamaica do you have personal experience with them and making payments like this?

Yes. I've had multiple loans with them.

It's also well known in this forum.

Re: Alliant CU loan prepayment

AlmostNJ — Fri, 23 Apr 2021 03:56:31 GMT

@SouthJamaica wrote:
@AlmostNJ wrote:
@SouthJamaica wrote:
@addicted_to_credit wrote:
I'm got approved for an RV loan through alliant CU and was wondering if anyone here in fico land knows how extra payments are applied. For example if my payment is 400 and I pay 1200 will I owe a payment the following month or will I not owe a payment for 2 months?
They do not advance the next payment date.

Under the example you gave, you would not owe a payment for 2 months.

That is one of the good things about Alliant.
They DO NOT? Then the next payment is still due the following month no?
No, I'm saying they leave the due date where it is. If you prepay the May and June payments, your next payment is due in July.

Ok thanks!!