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Does the extra money I send each month on my car loan go to the principal of the loan?
Kathleen, West Valley City
September 28, 2016 07:44:49 AM
Borrowing & Managing Your Credit
In reply to Kathleen, West Valley City
Thanks for your question, Kathleen. We'd be glad to discuss.
Please know that when you make a loan payment you are paying a portion of the loan's interest and principle. If you were to make an extra payment, the funds would be distributed in the same way unless otherwise specified.
If you'd like to make a principal only payment you're able to contact one of our Financial Solutions Group Specialists. They're available 24/7 at 800-937-5020. When calling, they'll be glad to accept your principal only payment by transferring funds from one of your TD Bank deposit accounts, such as a Checking or Savings account.
You're also welcome to use your account with another financial institution as the payment account. In that instance, please have your account and routing number from that bank available to make the payment.
If you're already in the process of making your monthly loan payments online, or via another method such as Bill Pay, you're welcome to make the additional principal payment via any standard method of your choice. Once it's complete, we highly recommend giving us a call at the number mentioned above to have the extra funds applied to the loan account towards the principal.
Keep in mind that if your loan is held by TD Auto Finance, you'd need to contact them directly for clarification. They are available Monday through Friday 8:00 AM to 10:00 PM and Saturday 8:00 AM to 7:00 PM at 1-800-556-8172.
We hope this helps, Kathleen. Have a good day.
Megan K, Mount Laurel
September 28, 2016 07:44:59 AM