Quote:
Originally Posted by MrChrisLS3
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.
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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."