paying bills more than the monthly amount


Old 10-02-05, 05:45 AM
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paying bills more than the monthly amount

I need some advice...

If I decide to try and pay off monthly loan bills by paying MORE than the monthly amount, is there something I have to tell the loan companies? Or do I simply send in the elevated amount? For example, a car payment is $267.00 a month, and I decide that I can afford $400.00 per month. Do I have to tell the loan company where to apply the added $133.00? ie, toward the principle and NOT the interest?
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Old 10-02-05, 11:13 PM
Join Date: Aug 2005
Posts: 2,268
should be automatically deducted from your principle..
Old 10-03-05, 01:06 AM
Join Date: Aug 2000
Location: USA
Posts: 15,834
You need to talk with the loan company about early pay off and additional payments. Some will accept additional payments and early payoffs. You need to denote the amount that you mail extra and that it should be deducted from the principal payments. You need to talk with the company that has your loan and discuss the details of early payoff and extra monthly payments.

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