Sentences with phrase «unscheduled car loan payment»
For example, if you owe money on a credit card, then you are probably better off paying down that credit card's balance before making an unscheduled car loan payment.
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When you make unscheduled payments, you are engaging in an accelerated car loan payoff which will reduce the total amount of interest charges you pay over the course of your loan and may help you pay back your loan faster than originally planned.
For example, if you are up to date on your car payments but behind on paying down a credit card balance, you may be better of paying your credit card bill over making unscheduled payments on your car loan.
Making unscheduled payments to pay down your loan faster than required is known as an accelerated car loan payoff.