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Why did my car loan increase by $3,300 following something called a "principal disbursement"?

I just noticed on my statement that my car loan principal increased by $3,300, and all it says is "principal disbursement" next to the figure. What does this mean?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A loan disbursement is an amount of money given to you when you finance the car.
If you received an additional “principal disbursement,” that usually means you refinanced the vehicle and took out some extra equity on top.
Sometimes, if you switch your
car insurance
 to something less than full coverage or if you let your coverage lapse, the lender may add force-placed insurance to your loan and add the cost of the policy to the principal.
If you didn’t do either of these, you’ll need to call your lender to find out what the story is.
If it ends up being your car insurance swapped from full coverage because it was getting expensive you can compare 50+ top insurers to see if you could be getting a better deal than what your lender found for you. You can compare full coverage plans in less than a minute using the
Jerry
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