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June 4, 2024
A simple change to the way you pay can cut hundreds of dollars (or more) off your auto loan and even help you pay it off faster. We’ve got an auto loan hack that can save you money.
Auto loan hack: Splitting your payment
On an auto loan, interest compounds daily. That means every day, the amount you owe in interest increases. Here’s how to use that knowledge to your advantage:
Split your regular monthly payment in half, and pay half of the payment twice per month (semi-monthly). For example, let’s say you owe $700 monthly, due on the last day of the month. With this auto loan hack, you’ll make a payment of $350 halfway through the month — so, typically the 15th day of the month — then pay the remaining $350 on the regular due date. By paying half your payment earlier in the month, you’ll cut down the principal faster, which reduces the corresponding compounding interest you owe.
Plus, as always, any extra amount you can kick in toward your loan beyond what you regularly pay, even if that’s only $25 or $50 here and there, will save you big on interest over time and trim down your timeline to paying off the loan completely.
What’s the catch?
If we’ve made this sound too good to be true, we promise it’s not. It’s just how the math of daily compounding interest works. Before taking this advice, make sure you’re aware of two important things:
- Some lenders charge prepayment penalties. This isn’t as common on auto loans as other types of loans, but some lenders may charge fees when you pay off your loan early. We don’t, but if your lender does, do the math first to determine if the money you’ll save on interest will be worth the fee you might incur for paying early.
- If you opt to pay extra toward your loan balance, make sure it’s applied toward the principal. Lenders may hold any funds paid beyond the amount due as a prepayment for a future month. If that’s the case, let your lender know that you want the extra payment to be applied to the principal while retaining your next scheduled payment. Remember to check your monthly statements to be sure your lender applies the payments correctly.
How extra payments work on Grow Financial auto loans: When you pay extra, your payment satisfies the daily interest accrued since your last payment, and then, the rest of the amount paid automatically goes toward the principal balance. This may advance your next due date, but don’t worry, the principal balance of your loan still drops! Continuing to make extra payments toward the principal can knock time and money off your loan.
Stuck with another lender that doesn’t want you to get out of debt? Learn more about refinancing your auto loan with us.
Subject to credit approval.
Posted In:
- Auto Education
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
Pay Online
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
Log In
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay Now
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733
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