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May 2, 2013

Will paying additional found on the principle of a car loan lower my monthly repayments or simply pay it off faster?

Filed under: Auto Loan — Tags: , , , , , , , , , — @ 11:11 am

Question by Bruce: Will paying additional found on the principle of a car loan lower my monthly repayments or simply pay it off faster?
I only got an car loan newly. My query is, when i create additional repayments towards the principle, can my monthly repayments be lower over the 60 month expression of my loan, or might my monthly repayments remain the same plus I merely have fewer of those to create? I’m asking considering I’m planning about moving inside an apartment sometime inside the future plus would want to have lower monthly car repayments when potential.

Thanks,

Best answer:

Answer by bdancer222
We payment aren’t lowered. We usually merely pay it off quicker plus protect interest.

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