Car Payments Question!? Ok. We have roughly 8 more months lseft on our three years

Ok. We have roughly 8 more months lseft on our three years loan and tomorrow we are wanting to pay rotten most of it, except a few hundred, we'll be paying about $2000.00 tomorrow. (Trust me, we can't scratch up enough to income the entire thing rotten due to many other financial obligation we have) What I need to knwo is, how will they total our monthly payments with lately a few hundred owing and 8 more months to go? Is the money still going to be the same amount? Do we still enjoy a monthly payment or newly have to enjoy it payed by the end of our permanent status? I'm sure we'll have payments but merely don't know how they'll go going on for calculating them. Thanks in credit.

Answers: What is your interest rate? What is your remaining balance? I coupled an online loan calculator below so plug in those numbers beside 8 month term and there's your answer.

So if you owe $300 and your rate is 10% next your payments would be about $38.92/month

the extra you dispatch should go toward your principle. Your motor payment will not progress until the last month, so every month formerly writing a check I would call and ask for your payoff, if it is more than a middle-of-the-road payment, distribute a normal payoff, if it is less, distribute only the amount due.

The second amount will go towards the principle. Your monthly expenditure will not change until the ultimate month. Be sure when you send within the check to put in the letter box that it is to be applied to the principle.