Payoff the Raimaining Balance of a Car Loan

[balong1978]

Hi Tsikoteers,

I have a car loan and is currently on my 24th Month, My Loan will Mature in 36th Month

Since I have some money to Pay off the Remaining 12 Months (maybe not including the Interest Charges for those 12 Months)

Like Citibank Call4Cash, I loan 120K and the term of 12 Months. 3 Months have passed and I already paid 30K + the Monthly add on rate of 0.79% (10,079.00 times 3 Months). Then I cancel the loan on the 4th Months and Pay 90K + 4% of the remaining balance (90K + 3.6K)

I Know this will make me pay more but for car loan it will be different

Question is:
- this can be also applied to a Car Loan?
- How does a Bank Compute for the Amount I need to Pay for the loan to be Cancelled?

[CaMoTe!!!]

bpi bank mo?

[balong1978]

BDO

Sir CaMoTe!!!, have you done this in BPI?

[MrQ5]

add-on rate computation is quite different how interests plays in the payment as explained to me.

[CaMoTe!!!]

sa online banking kasi ng bpi mo, makikita mo balance ng loan mo at any given time/month kasama yung pay off balance.. iba yung outstanding balance sa payoff balance.. mas mataas yung outstanding sa pay off.. tinawag ko na yun sa bpi dati, ang sagot sakin, pag daw nagdecide ako bayaran outright at any given time, yung amount dun sa pay off balance ang babayaran ko. bale parang real time ang computation niya ng interest. pag nagbayad ka ngayon, yung interest lang up to this month ang papasok. galing nga e..

[tolitsaso]

Question mga sir. Hingi sana ko ng advise on how to pay off auto loan (BPI). Punta lang ba ko sa bank na pinag-applyan (sa head office sa Makati) then I can just pay it off there? Makuha rin ba agad ung documents same day (original CR, etc. or ano pa ho bang documents). Salamat po