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.