![]() ![]() This is a good approach to pay off the loan quicker which results in paying less interest and getting out of debt in less time. S/he can make these payments on a regular basis or irregular basis. If a borrower has an excess amount of money to pay, s/he can make some extra payments after his/her regular payment. What Are Extra Payments?Įxtra payments are the payments that a borrower makes after paying his/her regular payment. Besides, while paying off, s/he can visualize which amount s/he is paying each period as principal or interest and how the loan balance is decreasing over the loan term from this schedule. From this schedule, one can get his regular due payment to repay the loan taken for purchasing a car. Related Articles What Is Car Loan Amortization Schedule?Ī car loan amortization schedule is a visualization tool to repay a loan that is taken for buying a car.
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