Can my monthly payment decrease when making higher payments?

No, your monthly payment amount will depend on which payment plan terms you selected for your loan. If you selected a Promotional Plan (no interest if paid in full), you will have the option to either pay the minimum payment or the suggested payment which are both determined based off of how much you are financing. You have to make at least the minimum payment in order for your account to stay current and avoid being past due on payment.

 

If you are on a Fixed Plan, you will have specific monthly payment amount that is determined when you first select your payment plan at the time of accepting your loan. You will have to pay at least this specific monthly payment amount each month in order to stay current on your account and avoid being past due on payment.

Was this article helpful?
0 out of 0 found this helpful

Comments

0 comments

Article is closed for comments.