How to make a car payment?

What is the best way to make an auto payment (I'm leasing with ally) I usually split my payment in half. ex: if total amount due is 100 I pay 50 one day and 50 another day before the due date. I heard that helps your interest rate but not sure of that. I know you have to aim at paying more of the principle, but how can I do that, do I continue with the split pymt, or should I pay more the first time vs the second or vise versa.

Update:

Sorry I'm not leasing i'm financing, sorry about the mistake.

2 Answers

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  • 8 years ago
    Favorite Answer

    if you are leasing it does not matter. There is no principal to pay down, so you are not making any headway at all.

  • 8 years ago

    Make the full payment , say on the 1st of the month, then add an additional amount with "Principle Only" in the memo line of the check at a later date,say the 15th of the same month.

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