a little help with ally auto financing, i want to pay more towards the premium?

so i got a loan for a car, i took it out for 72 months, but i plan to double up on the payments each month (probably more money too), but im on the website and it says total balance, is that including the interest i will be paying, and does ally accept more payments towards the premium. Lets say i pay my monthly bill, but i want to put the rest of my check towards it will it go to the premium, and then i get paid again before the next bill is due and i put that towards it aswell will that go to the premium too, basically if i pay my bill and put any money before my next bill towards it, will it go to the premium. Ive heard that some banks if you make two payments of the monthly amount it will just consider it two payments and go towards interest, plz help

3 Answers

Relevance
  • 9 years ago
    Favorite Answer

    It depends on how the loan was set up, if you've got any "prepayment penalties". You'll have to read your paperwork.

  • 9 years ago

    Duh, ask the bank. You also mean PRINCIPAL, genius.

  • 4 years ago

    thx for the replies, much appreciated

Still have questions? Get your answers by asking now.