Looking for auto loan advice and suggestions. First time financing a brand new car. Below is insight into the car I am financing and the things I already know to look out for, but I could use some input regarding the loan itself. Thank you so much!
Location: Pennsylvania, U.S.
Car: 2018 Ford Fiesta SE Hatchback
Starting Principal: 14k
Loan Term: 60 months
APR: Between 4 - 4.99% (estimated value based on average/fair credit)
Intended Use: Personal
Warranty: Bumper to bumper coverage for 3 years. Engine and transmission coverage for 5 years.
Major/Minor Modifications: None intended as of yet.
Additional Notes: I know to ask the loan company for the following - a non variable APR, is there a prepayment clause, is it possible to make principal-only extra payments, whether or not the loan is pre-calculated with the Rule of 78s method.
My questions are: what is an amortized loan and do I want that? Do I have control over that? Are my above questions comprehensive enough? I plan on making a large extra payment early on in my loan (a few grand) on top of the monthly payment and I want to make sure that the full extra payment is going toward the principal and not the interest. Are these good questions to ensure I get a company that’ll make that happen and not penalize me for it? Thanks again!!!
Submitted June 29, 2018 at 07:51PM by la_devotee_ https://ift.tt/2lGKrOS
