View Single Post
Old 07-29-2020, 09:27 AM   #49
ember1205
Hot Camaro
 
ember1205's Avatar
 
Drives: '20 2SS Convertible 6MT
Join Date: May 2020
Location: CT
Posts: 1,223
Quote:
Originally Posted by MrChrisLS3 View Post
To address this directly, unless this is a buy here pay here lot, which is a completely different animal, once the loan is funded, you're relationship is now strictly between you and the lender, the dealership is no longer involved.

On that loan, you have a contracted monthly payment. Anything you pay over and above that amount on any given payment goes directly towards principal.
Yes, this is extremely common. I always look at the general terms and conditions on the Installment Loan Contract to look for things like Prepayment Penalty and won't sign unless it says "no" or "none."
ember1205 is offline   Reply With Quote