- Biweekly payments
- Biweekly savings are achieved by simply paying half of your monthly auto loan payment every two weeks and making 1.5 times your monthly auto loan payment every sixth month. By the end of each year you would have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands of dollars in interest and take years off of your auto loan.
- Original loan amount
- The original total dollar amount for this auto loan.
- Interest rate
- The interest rate on this auto loan.
- Original loan term
- The number of months over which you would repay this loan if you made your normal monthly payment.
- First payment date
- The date your auto loan started. The tool uses this date to calculate the time and balance remaining on your loan.
- Monthly Prepayment amount (optional)
- Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the biweekly program 1/2 of this amount will be debited every two weeks.
