Toyota Financial Tricky Payment?

If I were you....I'd get on the phone and talk to someone directly and find out exactly HOW they're calculating the interest. The more you know, the better.

Sounds like these banks/loan companies are calculating the interest in such a way that they're not allowing the interest to be changed and/or not allowing the consumer to save money. THEY'RE SCREWING THE CONSUMERS.

I read on another post in this thread that some places have a PENALTY FEE for paying the loan off early? What the hell is that about? Again, their SCREWING US!!

 

Folks... The simple reason you pay more interest at the beginning of your loans is not that they are amortized or scheduled in such a manner. It is because you just owe more money, therefore have more interest accrued. As your balance is decreased, so is your interest accrued, on a monthly and annual basis - APR.

 

Just think of it as a credit card. The lower your outstanding debt to it the lower the interest you pay. If you own $400 with a minimum payment of $ 50, but one month you pay $100. The majority of that money was applied to the outstanding balance and not the interest. Your next statement will say no payment due (we'll it use to). However if you do make a payment again most will apply to outstanding balance and a small portion applies accrued interest during the billing cycle.