(This is a continuation to my last question)
Now I have a very high interest rate on my loan, over 20% for 48 months. I was told that I could make payments towards the principle amount along with the amount that I am suppose to pay and that will lower my loan amount, which would cut the interest pay off the loan amount, is that true? And if so, what happens to the interest? Would I have to pay for it or does that go out the door once I finish off paying the amount? I plan to pay off the loan amount before the 48 months, and also is that a good idea? I was told I should just pay the whole amount without paying towards the principle but someone else to me to pay the original amount and makes payments towards the principle also. He told me to send in what I could even if it's $100 every 2 weeks, is that a good idea? Please help me!
2006-09-12
03:10:48
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11 answers
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asked by
cjstudent2006
2