Can someone tell me about car financing?

Question:
if i financed my car for 60 months and i pay it off in less than 48 months will the car loan company owe me a refund? Also why when u increase your payment amounts does the finance charge increase as well? please help!! thank u in advance.

Answers:

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Interest is compounded according to the terms of the contract involved. Usually on the unpaid balance.

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Making larger payments deprives the loan company of the opportunity to charge interest on an unpaid balance that has been paid due to your larger payment.

what happens to unused concept cars:?

Paying it off early is in your favor unless there is a pre-payment penalty in the original contract, then you're going to get stuck paying whatever the penalty amount is if you pay off the loan faster than the term prescribed.
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