Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Car Loan paid off early but interest to be added?

Options
  • 12-03-2010 12:13pm
    #1
    veryangryman
    Registered Users Posts: 5,531 ✭✭✭


    Hey, Just got a slight windfall and decided to pay off soem debt.

    Thing is i am due to be charged interest on the principle later this month. Will this still be charged given the fact that the balance is now zero?

    And yes i know this is a borderline stupid question as i am pretty sure they charge the interest daily regardless.

    Thanks anyway :D


Comments

  • Options
    #2
    homer911
    Registered Users Posts: 5,113 ✭✭✭homer911


    veryangryman wrote: »
    Hey, Just got a slight windfall and decided to pay off soem debt.

    Thing is i am due to be charged interest on the principle later this month. Will this still be charged given the fact that the balance is now zero?

    And yes i know this is a borderline stupid question as i am pretty sure they charge the interest daily regardless.

    Thanks anyway :D

    When you paid off the balance did you get a final settlement balance or just pay the principal that was outstanding at the time?


  • Options
    #3
    Formal shorts
    Registered Users Posts: 197 ✭✭Formal shorts


    What Homer said. If you paid a settlement figure then that figure would have included interest pending, which as you said would have been applied daily. If you just paid the figure showing on the account, you will still owe the interest which accumulated since your interest was last applied.


  • Options
    #4
    Jet Black
    Registered Users Posts: 3,841 ✭✭✭Jet Black


    As said if its a settlement figure you wont owe anything. You would have had to ask the bank for this.

    You are usually charged 3 months of interest when clearing a loan early.


Advertisement