I got a new car a few weeks ago and I was wondering If I was to sell this car what would I owe the bank. Do I have to pay them all the interest that it says in the contract? The interest (finance charge as it says on the contract) is 8000 and the amount financed is 22,817.... Do I have to pay all the 8000??
Do I have to pay back the interest on my car?
the interest is figured for the entire life of the loan. if you sell it sooner, the less interest you pay.
Do I have to pay back the interest on my car?
Usually not. Depends on who you have the loan with.
Do I have to pay back the interest on my car?
Prob not. That amount just tells how much you will pay when the car is paid w/intrest over the term of the loan. Unless you have a early pay off fee.
Do I have to pay back the interest on my car?
No. Monthly interest is based on the loan balance on that particular month. If you pay off the loan balance, then no more interest is due.
The total interest figures you see on your loan contract are there because the Federal government requires it so that you can see your financing costs, assuming you complete the loan as scheduled. If you end your loan early, you avoid some of the interest.
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