Drakkon
Diamond Member
So i got this car loan recently and paid off some of it but i'm kinda confused about the rates.
The payments are all done online and its kinda like a credit card it seems like with me being able to pay off any ammount i want so long as each month i pay the minimum. So is this the way to go? right now my min payments are $200/month but I could go higher (to pay it off sooner)...or would it be smarter just to make min payments till i can pay it off all at once? It seems like every time i make a payment i get an interest charge so its almost like thats calculated into my final loan ammount as well when i look at the statemnt...I dunno...this is my first one so its all a little confusing.
The payments are all done online and its kinda like a credit card it seems like with me being able to pay off any ammount i want so long as each month i pay the minimum. So is this the way to go? right now my min payments are $200/month but I could go higher (to pay it off sooner)...or would it be smarter just to make min payments till i can pay it off all at once? It seems like every time i make a payment i get an interest charge so its almost like thats calculated into my final loan ammount as well when i look at the statemnt...I dunno...this is my first one so its all a little confusing.
