What Is A Simple Interest Loan? | Capital One

Watch this video to learn about simple interest loans. See how your payments affect your loan.

Understand how your loan works to help you save time and money.

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[sharongeter]

This COVID situation threw me behind due to being sick for two months and now I have this ridiculously large interest payment !!!! This car was only $23, 000 and I still owe $20, 000 after two years !!!! I need to get a grip on this right now !!! I need to re-finance or trade down ...I'm just getting back to work !!! This is causing me a lot of STRESS !!!!

[RoschetzkyPhotography]

I got me a Kia Soul EV 2016 with this loan, I pay nothing for gasoline, I charge for free around town, I paid less then a Gas Kia Soul, and this is the fastest and best car I have ever had! definitely paying it off EARLY!

[fionapacquette]

This is why it is critical to maintain good credit. You don't have to become victim to these ridiculous high interest loans.

[falonsherrard]

And anything you pay over your payment amount goes directly to paying off the principal. So if you can afford a few extra bucks on a payment it will go a long way!

[verostargiirl]

Well explained. Just got an auto loan and want to get in the habit of making my payments early.

[MrMundod]

very informal.. i always pay auto loan early.. never on the due date

[carolyndeal]

very informal i have always paid on the due date, but recently begin paying early when i saw how much more interest was being paid .

[foeshizzel]

The only thing this video left out is not all banking companies give simple interests loans. You have to ask and I am guessing a good percentage of loan officer either won't know or act like they never heard of simple interest loans.

[albertoguadiana]

I hate this half my monthly payment is going towards interest 😒 but you know what I'm paying for my mistakes

[kathysanders]

credit wise helps but I do have a credit counseling I hired to help with collection stuff ok good bless you all

[jlclark]

Also, beware of this company charging you twice for the same month if you are late. Know your states banking laws and also beware that if you pay the car off early they may owe you money and good luck getting it.

[dannyvee]

I usually make my payments 1-2 weeks early, and the interest is clearly lower when I do this, from $120 in interest when I pay on the due date compared to only $80 of interest when I pay early. However last month I payed almost 3 weeks earlier and the interest was $130, slightly more than when I pay on the due date. What gives?

[kiznkel]

I am a month early on payments. I hope that’s good

[RyanIsWomp]

what's the point of 10% interest rate vs a 4% interest rate if they take way more

[rodneygardner]

I want to refinance cause my monthly payment is too high? Everytime I get denied when trying to refinance? This is why I need extra time at times because of the financial burden dealing with this car payment.. Please!!!

[WendyVMartinez]

Don’t use this card!! Warning! They accept everyone and charge so much interest! You will never pay off your debt when you need too.

[gildashafer]

I understand that my credit isn't great.I thank you for taking the time to do this. Please let me know how to get in touch with you. Thank you.

[knissiamarisisrael]

It says you have 15 days grace period but they still harass and threaten instrest fee like they not robbing me blind in interest. I'm new to the car loans but I can't wait until I can refinance. I will NEVER buy anything from them again. 😢

[kathysanders]

I pay all my bills early so my ratio gos up as my score will

[tahntalus]

Where is the formula for calculating monthly or daily interest?