I just financed my first car (I usually just buy outright, but because of that, I don't have as much credit as I could, so I financed this one to help build up my credit). I don't know how exactly the payments work. Will they send a bill every month, or will they just tell me the date it's due every month? My husband says he saw on the paperwork tha tthe first payment will be due on 10/16. Does that mean it will just be due by the 16th every month?
My father says they might give me a booklet (like with a mortgage) that I feill out and send in every month. Anything you could tell me would be helpful. Thanks!
2006-09-12 04:13:22 · 7 answers · asked by Angela 2 in Cars & Transportation ➔ Buying & Selling
(In Response to one of the responses below):
I forgot to ask this last night at the dealer. (I found out how much and all that for the monthly payments, just not how they were going to bill me). I do plan to ask the dealer later, but I couldn't call from work - it was quicker and easier to ask here - I figured I could get serious, mature answers. This way I wouldn't be sitting here worrying about it all day until I could get home and call the dealer. Thank you everyone for your helpful answers.
2006-09-12 05:50:26 · update #1
Depending on the lender, they might give you a payment coupon booklet, or a 12 month supply of coupons and envelopes, or they might send you a bill each month. Some offer an online payment option but every one that I've ever seen uses an outside service for this and charges you $10 for the privilege.
2006-09-12 07:49:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
They send you a monthly bill every month. Usually 2 weeks before the payment is due.
2006-09-12 04:21:57 · answer #2 · answered by **PuRe** 4 · 1⤊ 0⤋
You'll probably get a bill every month! Either way, you'll know when you need to get the payment in. And if for some reason you forget - they'll let you know!
2006-09-12 04:19:13 · answer #3 · answered by Laquishacashaunette 4 · 1⤊ 0⤋
Depending on who you financed it through, see if they will take direct drafts from your bank account and then you don't have to worry about payment books or bills, the money will just come directly from your bank, and might even lower your interest rate.
2006-09-12 04:27:55 · answer #4 · answered by Niche Jerk 4 · 1⤊ 0⤋
Your father is probably right, They will send a booklet for you to fill out every month. It will probably be due on the 26th as well
2006-09-12 04:20:38 · answer #5 · answered by Kelly 2 · 1⤊ 0⤋
More than likely, your payments will be on the 16th of every month. You will get a bill from the company that you finanaced from.
That's about it.
2006-09-12 04:17:25 · answer #6 · answered by mark2891 2 · 1⤊ 0⤋
Shouldn't you have asked all of this when you signed the paperwork instead of on Yahoo Answers? You could always call the lending institution that is handling the loan. Just a thought.
(added later)
To respond to the response to one of the responses below I just wanted to say.... oh ok.
2006-09-12 05:44:39 · answer #7 · answered by J D 5 · 0⤊ 2⤋