https://ficoforums.myfico.com/t5/Auto-Loans/How-s-this-work/m-p/3774813#M48962 <P>So I think last time I got a car loan, my interest was accrued monthly, at least I think it did. &nbsp; I have another loan now and it's daily interest accrual, and it tells me how much interest has accured since my last payment. &nbsp;So if I make a payment on the 14th, and check my balance on the 30th, it'll show 16 days of accrual. &nbsp; Do all auto loans do it daily and I just didn't notice before? &nbsp;Is there much difference in the amount of interest paid?</P><P>&nbsp;</P><P>I'm ahead of my payment by a month but as of right now it shows about $24 in "interest accrued since last payment."</P> Mon, 02 Feb 2015 20:29:47 GMT seruby 2015-02-02T20:29:47Z https://ficoforums.myfico.com/t5/Auto-Loans/How-s-this-work/m-p/3774813#M48962 <P>So I think last time I got a car loan, my interest was accrued monthly, at least I think it did. &nbsp; I have another loan now and it's daily interest accrual, and it tells me how much interest has accured since my last payment. &nbsp;So if I make a payment on the 14th, and check my balance on the 30th, it'll show 16 days of accrual. &nbsp; Do all auto loans do it daily and I just didn't notice before? &nbsp;Is there much difference in the amount of interest paid?</P><P>&nbsp;</P><P>I'm ahead of my payment by a month but as of right now it shows about $24 in "interest accrued since last payment."</P> Mon, 02 Feb 2015 20:29:47 GMT https://ficoforums.myfico.com/t5/Auto-Loans/How-s-this-work/m-p/3774813#M48962 seruby 2015-02-02T20:29:47Z https://ficoforums.myfico.com/t5/Auto-Loans/How-s-this-work/m-p/3775095#M48965 <P>Most loans will have a daily interest charge.&nbsp; It will be something like APR/360 = Daily Interest (could also be 365 day calc but most are 360)</P> Mon, 02 Feb 2015 22:47:33 GMT https://ficoforums.myfico.com/t5/Auto-Loans/How-s-this-work/m-p/3775095#M48965 sccredit 2015-02-02T22:47:33Z