Instead of paying one payment, I pay two payments of $295 per month instead of one payment of $590, will I pay less interest?
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Probably yes. If you make one payment two weeks early and the other on the due date each month, you should end up paying less interest.
However, some loan contracts don't provide you any benefit for paying in that way. For example, if the loan contract includes "precomputed interest," you may not get any benefit at all. Check with the lender to find out if semi-monthly payments will make a difference.
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Probably yes. If you make one payment two weeks early and the other on the due date each month, you should end up paying less interest. 