If you decide to make the payment, make sure it’s applied toward the principle not the interest first. I made the mistake of just making extra or higher payments on a vehicle loan and the bank applied it toward the anticipated interest first. There was no prepayment penalty so I thought I was in the clear to just do so. Yes it shortened the life of the loan and how much interest I total would be paid, but banks will always look after there own …ahem… interests.
If you decide to make the payment, make sure it’s applied toward the principle not the interest first. I made the mistake of just making extra or higher payments on a vehicle loan and the bank applied it toward the anticipated interest first. There was no prepayment penalty so I thought I was in the clear to just do so. Yes it shortened the life of the loan and how much interest I total would be paid, but banks will always look after there own …ahem… interests.