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lil | Can the balance on a loan increase as you pay? |
The interest must be accumulating at a faster rate than I can pay it down, as the car loan was approximately $30,000 at a rate of 7% interest. I just checked with the bank, and after making 7 months of regular payments ($650) the balance owing is almost $33,000.
How is this possible?
If the interest on a loan accumlates at a faster rate than it is being paid down, how will it ever been paid?
Thanks... |
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AL
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The answer of why your balance is larger is accrued interest. Most loan officers will not tell you that when you take a loan it will start the day you sign the papers. Usually your first payment is not due until 30 to 45 days later. From that point when you make the first payment your actual "starting balance" is much larger. when you do start making payments accrued interest is always paid first before anything to principal. You are playing the catch up game for most of those first payments.
Another factor depends on how many days pass between your payments. When you signed the loan contract, you agreed to pay equal installments every 30 days. If your payment is received more than 30 days than the previous payment (even if by the due date) you are paying more interest out of your assigned payment. If you took out the loan insurance or you are being assessed late fees those are paid first before principal too. The key is to try to pay on the same day of the month (every 30 days). |
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Avis Brown
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Stay away from CashCreate, Treasure Trooper and other survey Web sites.
It is a waste of time and will cause you unhappiness.
If you choose to be suckered in and sign up to take surveys and receive, free trials considered you were warned. The minute you give them your credit card and personal information you have now opened your computer to unwanted cookies on your hard drive, annoying pop-up windows and if you are on a PC you open your computer to viruses that can wipe you out.
A lot of work to collect the "reward payments" that payout is not worth the effort over time. You will need to sign up for many types of offers, most of which require you to use a credit card. You start a week trial service with varies types of businesses or services, such as, an Internet service provider, book club, credit monitoring service, etc. to get your reward. If you don't cancel the trial, you end up being charged for the service and each service has different rules about how and when you can cancel. Very cumbersome!
Since you will need to sign up for at least a dozen offers before you get to $100 in rewards, it's very easy to forget what you have signed up for, or the problems you will have canceling in time to to be charged the full amount. The Cash Create recruiters you see here over exaggerate how much money you can earn because once you've done the high-dollar trials ($8-10 each), you are left with small rewards of a dollar or two. The survey business is not an efficient way to make money and you are more than likely to loose money in the end. |
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jim
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Either you are misinformed about the loan info, or the bank has made an error. Call the bank and ask some questions. |
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glibby3
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Doing some calculations on the info you provided it does not seem possible to get a higher balance than you started with.
Either you have left out some key bits of info or your bank has made a mistake. Check with them. |
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Terry C.
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Yeah...It's a little thing they call interest on the loan...Depends on the interest rate you got the loan for, and how much the payments you are making back to the loaner are...at 7%, as you mentioned, something doesn't sound right...On a $30,000 loan, the payments you are making should be making a significant dent in your loan debt...I would talk to a financial planner, or your accountant or something... |
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Katasha
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If the interest is accumulating more than you're paying it down, then the only way to pay it down is to pay more. Your statement should show how much of the payment is interest and how much principle. Just make sure you start paying the minimum to cover all of the interest and if possible some on the principle, too, even if it's only a few dollars some months.
You didn't say what kind of loan this is, second mortgage, auto, personal, or something else, but your finance documents should outline all of the details for the loan and interest. If they don't, or you're having a hard time figuring it out, just call the finance company and speak to a loan representative. They'll be able to help you sort it out. |
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gafpromise
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You should talk to the bank and see if you can refinance this loan and/or increase your payments. If they can't give you a good deal talk to another bank. If you financed through the dealer who sold you the car it is very common for them to screw you over on the financing. How long is this loan supposed to be for anyway? Many car loans are 5 years... |
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the answer
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I too had trouble with my car loans and I decided to get a free quote online from http://linkachi.com/?upe . Worked out pretty well for me and I found a good reliable person who contacted me over the phone.
-jon |
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jseah114
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With car loans, the interest is front loaded. That means in the beginning of the loan, your payments are only going towards interest, so you are not paying down the balance at all. |
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xfilerguy
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It is possible. If your payments don't cover the interest costs, then your principle will not be paid off and you might owe money on the loan interest. |
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NONAME
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somethings not adding up
ir=7
pv=30k
fv=0
pmt=650
n=40 months
you must have bought an extended warranty or gap insurance or credit life, etc. so you borrowed more than 30K or your intrest rate is higher than 7% - check you contracts and see |
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Frank Castle
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Usually when you die the insurance company pays your loan. |
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