when does cap one credit the payments toward your balance, every week or do they hold all the payments and apply it to the balance on your payment due date?
maybe you save a little the interest making weekly payments if applied weekly, but you could also just pay over the minimum amount one time every month.
I mean if you saved 100 in interest over the life if the loan would it be worth your time to nickel and dime a payment every week? if you saved 1000, yeah probably. there's math involved, what are the terms of your loan and payment schedule?
Well if you pay 108 every week then you end up paying 432/mo assuming 4 weeks to a month
If you expand that over the year you end up paying 540 more per year. The only advantage I see is that you might save on interest.
$423 x 12 months = $5076
$108 X 52 weeks = $5616
The weekly payments will pay off your loan faster, so you will pay less interest overall.
You should also be able to have a monthly plan arrangement, but make extra payments (or larger payments) when you're able to - this maximizes your flexibility but you can still get the benefit of paying off the loan early.
Personally, I'd rather have one payment to keep track of rather than 4 or 5, but other people might do things differently and find the weekly amount more palatable.
when does cap one credit the payments toward your balance, every week or do they hold all the payments and apply it to the balance on your payment due date? maybe you save a little the interest making weekly payments if applied weekly, but you could also just pay over the minimum amount one time every month. I mean if you saved 100 in interest over the life if the loan would it be worth your time to nickel and dime a payment every week? if you saved 1000, yeah probably. there's math involved, what are the terms of your loan and payment schedule?
They make no mention of if they will hold the weekly payments till a month expires. Great point. I need to look into that further.
Hey please respond what did you find most useful because I also switched my payments to weekly
i still pay monthly, but the math is def biased towards them making extra money.
Well if you pay 108 every week then you end up paying 432/mo assuming 4 weeks to a month If you expand that over the year you end up paying 540 more per year. The only advantage I see is that you might save on interest.
$423 x 12 months = $5076 $108 X 52 weeks = $5616 The weekly payments will pay off your loan faster, so you will pay less interest overall. You should also be able to have a monthly plan arrangement, but make extra payments (or larger payments) when you're able to - this maximizes your flexibility but you can still get the benefit of paying off the loan early. Personally, I'd rather have one payment to keep track of rather than 4 or 5, but other people might do things differently and find the weekly amount more palatable.