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Is it better to make a large payment on an auto loan and push back monthly payments or to pay principal (situation below)
Is it better to make a large payment on an auto loan and push back monthly payments or to pay principal (situation below) So I’m struggling with the math. I currently have a $33k car at 5.5 APY and I’m looking to make a $2k payment. Option 1. Pay ahead, which will push my next payment to January 2024 (1840 to principal and 160 to interest), and continue to make monthly $2k principal only payments thereafter. Option 2. Pay what’s due monthly ($620) and make $1.38k ...
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