Exceptions. Before you get a loan, check with the lender regarding their early-payment policy. If there’s a small, flat fee, it may make sense to pay off your loan early. However, if the penalty is percentage-based, such as 5 percent of the total of your car loan, you may want to stick to the terms.
in Student Loans. As a general rule of thumb, you should always pay more than the minimum when you’re in debt. This holds true whether it’s credit card debt or you’re talking about student loan repayment. The reason may interest you because, oddly enough, it has to do with student loan interest rates.
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Your loan contract is a fixed payment agreement. If you pay more than the minimum payment the term will be shortened but the monthly payment will stay the same. Those who are saying that your future payments will be lowered are simply wrong; they don’t know what they’re talking about.
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An auto loan at a reasonable interest rate is an example of a potentially good debt, because it allows you to buy a car. to pay down debt, your auto loan could be the smart way to go, as that form.
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Interest on your debt will mean you pay more than the cost of the car, and the longer interest accrues, the more you’ll pay. Paying off your car loan early by making more than the minimum monthly payment can save you some money, but you might be penalized by your lender.
To give you an idea of just how costly it can be to pay only the minimum on your credit card, personal finance site NerdWallet crunched the numbers and determined the interest costs of paying off.
State Bank of India, the country’s largest lender, is offering low interest car loans and has waived processing fee on the same for up to December 31, 2017. The lenders will also not be charged a levy.
Debt is almost never free — you have to pay interest when you borrow. These interest costs can really add up, especially if you pay only the minimum on. Even a $30,000 car loan at 4% paid off over.