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Why does the interest fluctuate on a fixed-rate car loan?
I have a car loan with a fixed rate, but the amount of interest charged varies month to month. Why does the interest amount fluctuate like this?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Interest is applied on the total principal owed on the loan. This amount changes as the loan goes on, so what you should see is a larger amount of your monthly payment going towards the principal and a smaller amount going towards the interest. Furthermore, some months have more days than others and that can affect the amount of interest paid, too.
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- Gregory R.
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