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  Home >> Lending >> Vehicle Loans  
Loan Activity not on Bank Statement

I have a vehicle loan with a bank that does not provide the monthly interest charges, either online or in paper statements. Doesn't a bank have to provide a record of monthly charges that are added to your loan? It seems like they would have to provide this by law.



Depending upon the loan type you have, the loan history may be available to you upon request, but lenders don't have to provide them. You can request an amortization schedule. This reflects the projected history of your loan from the beginning balance, to the addition of scheduled interest and the deduction of your payments, showing what went to principal and what went to interest.

The problem is that your payments won't, but these are close. Amortizations are generally available for mortgage loans. Your lender may be able to provide one for your loan. It may come at a cost. Again, these are predictions and it depends on your loan terms as to how accurate it may be. If interest accrues daily, there will be some variance in the schedule to reality. There is no federal law requiring that you be given a monthly statement for a loan.

Published on BankingQuestions.com 4/07/10