Loan Question

[ktehmok]

I have about 10 months left on my truck loan, if I make the standard monthly payment. That will take me into October 08'. The website from the bank states that the loan will "Mature" on 09/28/08.

My question is, should I make sure it is paid off before that date? And will I face a penalty if I don't?

Thanks, any input (on the subject at hand ) is appreciated.

 

[Drakkon]

If its not paid off by that date you probably will face a penalty well before that date as it means you missed a payment.
Pay it off before that date (you do realize you can pay more than just the standard at any time right?) and save yourself having to worry about it.

 

[ktehmok]

Originally posted by: Drakkon
If its not paid off by that date you probably will face a penalty well before that date as it means you missed a payment.
Pay it off before that date (you do realize you can pay more than just the standard at any time right?) and save yourself having to worry about it.

Thanks for responding.

I've never missed a payment though. Three months after I got the truck, they moved my payment date from the 28th of the month to the 3rd. I didn't think or care about it at the time, but now it seems a little shady. Especially without my consent.

I know that I can pay more than the standard payment. I just never wanted to. I'll double up on one of them & get it over with sooner.

It'll be nice not to have an auto payment, and the BS insurance that you have to have with it (Although will probably keep that as long as I can).

First and last auto loan. It isn't worth it.

 

[Brutus04]

Loan maturity is also referred to as the loan term and as stated, thats when your loan expires. Maybe the bank knows something you don't. Give them a buzz just to make sure.