If I were to make extra payments to my loan throughout its duration, does that mean my weekly payments go down as I have less to pay off in the long term?? For example, a $15,000 loan - if I pay $5000 of that at one time will my weekly payments reduce so that I still pay it off over the 4 years??
Thanks
Great question not sure, give them a ring
Hi Melanie, No, it is a fixed term loan therefore your repayments are set at a minimum rate over the duration of the loan. If you pay extra, you have the opportunity to use some of the surplus as a way to make your repayments but that is something you must organise and be accountable for yourself. Cheers, Paul
Ok so basically the end amount remains the same even if I make additional payments. Thank you for answering!
HI. Just want to clarify once the loan is approved, are the funds deposited into my account or the person we are buying the vehicle off?
Hi Stephanie. Thanks for your question. If your loan is from NRMA, it is most likely through The NRMA motoring and services organisation. They are different to NRMA Insurance in that they are a members based organisation that provide services and many things. However we just focus on Insurance. This link might help you external link ~ Jono
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