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Old 07-29-2020, 10:05 AM   #50
foshjowler
 
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Drives: 2017 Camaro 2.0T
Join Date: Jan 2020
Location: Raleigh, North Carolina
Posts: 311
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.
The last couple of cars I've bought I have gotten my loans through reputable dealers, and this is exactly how it works. Currently my loan is through Wells Fargo, and I go on their website to make payments. I personally pay weekly and round it up to the nearest multiple of 10. I did the math one time, and just paying weekly I would pay off the loan 6 months sooner over the course of a 6 year loan, and pay a few hundred less in interest. Obviously your mileage will vary based on the details of your loan. Paying extra only improves that.
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