help with auto loan amortization schedule...

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car amort
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I have a friend that bought a new car with a loan of $19,046.21 with Chase at 5.39% for 36 months.
This is the amortization schedule when I punched it in online, but when my friend showed me her statements the Principal and interest every month for the last 6 months is all over the place. I don't remember clearly but the first month was fine and the second month the payment of $574 that month the interest was around $116 and the principal was $458. She makes her payment early and never had a late payment so I'm not sure why the interest amount fluctuates. Shouldn't the payment go more to the principal and less to the interest every month?

car amort

I'm looking to get it refinance. I see the PenFed has a pretty low rate. Her credit score is over 700 now I assume she should be able to get a better rate when refinancing. She bought the car brand new on October 2015 so its been almost a year now. Any other recommendations besides PenFed or does PenFed usually has the best rates.

Also another question when she refinance would you just apply for the Refinance auto loan or Used auto lean. She has around 7500 miles on the vehicle.
 

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You may have been bitten by the "Rule of 72" which was traditional for car loans for years.  I would not be surprised if some places still use it.  Essentially, that formula lets the bank apply the interest faster.   Just a guess from past experience at a different lender.

Check some other threads here.  There were some comments about other lender possibilities.

Try People's Trust Federal Credit Union. They gave me 2.2% on a re-finance.

I suspect that what you're seeing is the calculated interest between the last payment date and the next due date.

Since the payments are coming before they're due, the interest on the statement amount on the statement is for more than 30 days

Unlike a mortgage, which generally treats each payment as being paid on the due date regardless of when it's actually received, a car loan calculates everything in real time.  So an amortization schedule is a guide, but will only be accurate if payments are made on a specific day each month.  But each payment is covering the accrued interest as of the date the payment posts - so if you pay 10 days early this month and on the due date next month, this month's payment may only be covering 20 days of interest while next month's payment will be covering 40 days of interest.  I'm guessing if you count up the days between each payment, that will be "all over the place" identical to the interest amounts being paid.

It's probably a daily simple interest loan. Therefore the P and I will vary based on when she pays and her last payment as interest accrued daily.

matryx said:   I have a friend that bought a new car with a loan of $19,046.21 with Chase at 5.39% for 36 months.
This is the amortization schedule when I punched it in online, but when my friend showed me her statements the Principal and interest every month for the last 6 months is all over the place. I don't remember clearly but the first month was fine and the second month the payment of $574 that month the interest was around $116 and the principal was $458. She makes her payment early and never had a late payment so I'm not sure why the interest amount fluctuates. Shouldn't the payment go more to the principal and less to the interest every month?

car amort 

I'm looking to get it refinance. I see the PenFed has a pretty low rate. Her credit score is over 700 now I assume she should be able to get a better rate when refinancing. She bought the car brand new on October 2015 so its been almost a year now. Any other recommendations besides PenFed or does PenFed usually has the best rates.
H
Also another question when she refinance would you just apply for the Refinance auto loan or Used auto lean. She has around 7500 miles on the vehicle.

  
Refinance at 0.99% with a couple of hoops.  https://www.ussfcu.org/rates2.php



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