I’m ahead in car payments (I usually pay twice the amount a month) and it shows that I have $0 due this month. Does that mean I can skip paying one month and be just fine?
Before you ask why I would pay ahead of time is simply to get the payments overwith and build good credit.
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Yes, you absolutely have to pay the minimum monthly payment every month. That's how loans work. Paying a larger amount just makes the number of total payments less. If you were to skip a month, you'd have to arrange that with the bank ahead of time and you'd still need to pay the interest, but that wouldn't look so good on a credit report.
You still have to make the required monthly payments every month, regardless of how much you have paid down the principal on the loan. You cannot skip payments. However, you will find that your loan balance gets paid down faster and that you will have fewer payments at the end.
The loan company will want a payment every month so don't make double payments if you can't afford a payment the following month.
Yes, once every month no matter how many you paid ahead. Actually, one every statement cycle to be more precise. Put the extra in a 2.25%+ savings account.
yes
No- they expect a minimum payment every month. The more you pay each month, the lesser the interest and the sooner you can stop making payments.
If it says you have 0 due, you do not have to make a payment. Paying ahead is great idea - it reduces your total interest on the loan.
With most financing entities, the answer is YES, if you are paid ahead you can skip. You should read your financing agreement carefully because some financing entities require the minimum monthly payment even if yo have paid ahead. If you have a monthly statement (paper or online) that should reflect the amount due and the due date. That's an easy way to find the answer to your question.