Auto financing can be a little confusing. That’s why we have this short video to help explain. Vehicle contracts are broken down into two parts that comprise your total monthly payment, the outstanding balance of the amount financed and the finance charge. The most important thing you should know is to always pay on time. When your account is kept current and you pay early or extra, your outstanding balance reduces faster and you’ll end up paying less in finance charges. All of which helps you pay off your account sooner than expected.
Comment on this article
Comments
Chucho on February 24, 2018 at 7:54pm
How can I make principal payments in Ally bank
Ally on February 26, 2018 at 9:49am
Hi Chucho, we have several payment options including by mail, phone, online, and through our mobile app. Learn more about your options here: http://www.ally.com/auto/payment/.
Lee on April 13, 2018 at 11:35pm
Every month I pay extra on my monthly payment. Will the extra amount automatically go towards my principal balance or do I need to call and ask.
Ally on April 16, 2018 at 9:48am
Hi Lee, please give us a call at 1-888-925-2559 or chat with us online at ally.com so a member of our team can look into your specific account and discuss further.
Kevin on February 10, 2020 at 9:38am
Ally, won't let you pay towards the principal. They just push your next payment date out father. Stay away from this bank if your trying to pay extra payments to pay your loan off sooner.
Jake on April 19, 2020 at 9:25am
You guys actually really suck, what a poor excuse for a loan company.
Tom on December 16, 2020 at 3:34pm
Hello: Please give me a step by step procedure to make an auto payment only towards the principle, online or through the ally app. I can't seem to get to the point in the payment process where it actually provides an option to pay towards the principle only. Thanks
Ally on December 16, 2020 at 3:56pm
Hi Tom, if you’ll please give us a call at 1-888-925-2559, or log into your auto account to chat with us online at ally.com, one of our team members will be more than happy to help answer your questions.
Kathy on December 29, 2020 at 7:10pm
My payment is due on the 5th just got statement in . Is there a grace period?
Ally on December 29, 2020 at 7:11pm
Hi Kathy, a team member would be happy to look into your specific account, and discuss your options further – just give us a call at 1-888-925-2559.
Mel on January 30, 2021 at 3:55am
This video was so helpful! The magic math helps !
Bekah on March 16, 2021 at 6:10pm
This should help all those asking..... to see how it worked......I made a one time separate payment and applied it to my principal instead of deduction from my future payment. I paid $100.00 $26.28 of that they put towards the finance charge. There is no way to avoid the finance charge you agreed to. You cannot apply 100% of the extra or over payment to the principal until ALL of the finance charge is paid for the loan.
Nick S. on April 9, 2021 at 8:37am
If I want to pay on the principal (after making required monthly payment for that month) how do I pay TOWARDS the principa without the payment going towards next month's payment
Eliz on August 21, 2021 at 1:22pm
So far I have not been with this company even a few weeks and I am getting nothing but negative vibes... from speaking to them personally and their reviews. I am having issues with trying to pay towards the principle only and they are all right... this company does NOT let you.
Ally on August 21, 2021 at 1:23pm
Hi, this isn't the experience we want you to have. If you'll give us a call at 1-888-925-2559, we'd like the opportunity to learn more and assist as needed.
Robert on December 7, 2021 at 12:28pm
I've tried so many times and ally reps talk to you like your special and that principal payments are not a real thing. They tell you that company's don't let you do principal payments. Then they tell you principal payments are just forward payments not payments to principal.... After this loan I'm never working with Ally again.
Ally on December 7, 2021 at 12:29pm
We don’t like hearing this, Robert. Please give us a call at 1-888-925-2559 or chat with us online at ally.com, so we can assist further.