Here is the deal. I purchased a car on Jan 31st, 2009 and started making the payments on March 16, 2009. I found several amortization calculators/charts on line. When I enter the over all amount financed which is $10,325 at 60 months at an APR of 23%, it says that my payments should be $291 per month. I'm paying 294 per month. I also looked where my present balance should be at according to the amortization chart. I was told that I owe around $8700. The chart says that I should be at $7,663.40. Is it possible that the lender may be using a different calculation method. What steps can I take to be sure that I'm not getting screwed by the lender? It's through Nicholas Financial, I've heard horrible stories about them. I just feel that something is not right. Thanks for any help.
Can some one help with car loan amortization results?
- Thread starter RTerry
- Start date