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?
@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.
@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.
@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 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?
@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.