I overpaid the monthly payments on my auto loan for several months, and noticed that my monthly payment went from $585 to $500 in about a year. Does this lower my monthly payment from now on, or will it jump backup to $585 if I pay the minimum payment of $500 this month?
That will depend on the terms of your loan agreement. It's possible that you've paid ahead far enough that somehow the loan payment was pushed downward, but to find out for sure why the payment amount changed and whether it could change again (in either direction), check your loan documents and/or contact the lender.
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That will depend on the terms of your loan agreement. It's possible that you've paid ahead far enough that somehow the loan payment was pushed downward, but to find out for sure why the payment amount changed and whether it could change again (in either direction), check your loan documents and/or contact the lender.
