Unless you're lucky enough to own your vehicle outright, you're likely paying off a car loan. But do you know how much your monthly payment is going directly into your bank's pockets?
Your monthly car payment pays for two things every month—the principal (the actual amount you borrowed) and the interest the lender charges on the loan.
One way to lessen your accrued interest is by paying a little extra every month. However, what many people don't realize is that most lenders...