Nissan credit payment question..
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Nissan credit payment question..
I am financing my car through Nissan, is there a way like with Honda that you can put your monthly payment strictly to the principal of what you owe?
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Maybe I didnt explain it right..With Honda, you can check a little box when you mail them a check that puts whatever the amount you send, directly to paying off that amount of the car and non of the money goes to interest
I do not think it will have any actual effect. The interest will be tacked on to the loan balance and accrue interest on that.
Unless you are talking about paying a smaller balance than your normal principal+intereset payment amount.
It would work if you had a Simple interest rate loan, which cars loans are not
Unless you are talking about paying a smaller balance than your normal principal+intereset payment amount.
It would work if you had a Simple interest rate loan, which cars loans are not
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The benefit to this is if you plan on getting rid of the car early you will have less of a principle balance at trade in/sale.
I am surprised any lender would allow this if true...
I am surprised any lender would allow this if true...
OK... What he is trying to say is...
He would like to make a payment directly to the payment of the principle of the car, thus making the interest he pays in the long run less. (Like when you make one extra payment on your mortgage, you end up dropping a few years on the length of your loan)
My suggestion would be to make 2 seperate payments. One as your normal car payment, then make a second check with the amount that you want to pay towards the principle. Make sure to write PRINCIPLE on the memo part of the check.
He would like to make a payment directly to the payment of the principle of the car, thus making the interest he pays in the long run less. (Like when you make one extra payment on your mortgage, you end up dropping a few years on the length of your loan)
My suggestion would be to make 2 seperate payments. One as your normal car payment, then make a second check with the amount that you want to pay towards the principle. Make sure to write PRINCIPLE on the memo part of the check.
On every car loan that I've ever seen, you are allowed to make payments on the principal *in addition to your regular monthly payment.* Good job paying it down early! Be aware, though, that this does not give you license to skip a month sometime down the road.
Nforce is correct. Make your regularly-scheduled monthly payment, and then send a separate check (same envelope is ok) and write "APPLY TO PRINCIPAL" on the memo line.
Nforce is correct. Make your regularly-scheduled monthly payment, and then send a separate check (same envelope is ok) and write "APPLY TO PRINCIPAL" on the memo line.
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