The Car Loan
I’ve now had a Car Loan for two months, and I’m having conflicting feelings about it.
First is the resentment I have towards it, considering that it lowered my credit score by 22 points! No biggie, since I’m no longer looking at buying a house, but still….I was so close to 800 before! (Or at least I thought so.)
Secondly, I thought it would be easy making my extra payments. I enrolled for the automatic pay and when I called they said I’d have no problem paying extra online, and it wouldn’t affect my monthly payment. So first month I paid $260, or $29.50 over my bill. On the day the first automatic payment was supposed to go through I saw that they’d withdrawn only $199 from my account, and proceeded to freak out. “Why only $199?!! If they charge me a fee for late/insufficient payment I’m going to be really mad.” But they sent me a notice saying they received my payment as scheduled and everything was fine. So it looks like they credited that extra $30.50 towards the following month. NOT what I wanted. Now I’m going to have to call, ask how I can pay without affecting the next month’s due amount, and in all likelyhood will have to send a check with a note or something like that. Ugh. What a hassle. (Totally spoiled by online conveniences, as you can see.)
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MonitorBankRates.comGetting a used car loan during the current economic crisis has been hard for some borrowers. Prior to recently, it was very hard to get a loan at all as Used Car Loan - Can This Help You Get Transportation?Home Equity Loan vs. Second MortgageCash for Clunkers Car List - What Cars are Eligible?all 111 news articles »
