- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding Auto Finance Payments
Hey all,
So I recently financed a car for the first time and I have some questions about how the payments work. I was informed that if I pay extra, it will be applied to my payments at the end of the term. From what I’ve gathered, auto finance structures the payments so that early in the term, they are primarily interest, and later in the term, they are primarily principal.
## Rapidly Reducing Principal
I am wondering if my understanding is correct and if paying extra payments early on will significantly reduce the principal amount in case of any incident, such as a total write off or trading the car in early during the loan term.
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The reason interest is higher on the first half the loan is because the balance is higher during that period.
Paying extra payments reduces principal amount owing and consequently the interest owing.
Payments stay the same as amortization remaining doesn’t change. It is just that now, more of the payment is going to principal.
Sounds like I’d be better off putting the money in savings and using that to compensate for any gap should I try to trade in.