Best way to make an ally auto payment.?
I just purchased ( financing Not leasing ) a vehicle and am trying to pay it off as quick as I can. I've heard of splitting the paymts in two, so for ex: total is 50 I pay 25 one day and 25 another before due date and also make another payment on top of that to pay off quicker. Is that a good way or should I just make a total payment and then pay extra on a separate day?
- bdancer222Lv 78 years agoFavorite Answer
Don't waste the time and effort to split the payment. The lender may not accept partial payments and even if they do, you really do not save interest that way.
Just make the regular payments and the extra at the same time. You don't have to send separate payments. Just indicate the addition money is to be applied to the principal.Source(s): BD
- Calvin CLv 78 years ago
you need to see your contract. Most auto loans now require a full payment and then to pay down early additional payments. Make life easy just up the payment every month the few cents you might save splitting payments is not worth the effort and as to your credit you gain nothing splitting it up. do not pay auto loan in less then 7 months or you get no points.