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The lump sum of money you borrow to pay for a vehicle is the principal An additional payment you make that is exclusively applied to reduce the outstanding principal balance of your car loan. Learn why paying extra toward the principal on a car loan is the smart way to go.
By focusing on paying down the principal amount of your loan, you can reduce the overall cost of borrowing and shorten the length of your loan term. A principal only payment is precisely what it sounds like Learn the best strategies for paying off the principal balance on your car loan
Discover effective repayment tips and techniques to clear your debt faster.
Contact your lender to find out if it applies payments directly to the principal.
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