Auto loan debt: Monthly payments on auto loans, including both new and used vehicles factor into your debt-to-income ratio. Lenders may consider the amount owed, interest rate, and remaining repayment term when determining the impact auto loans have on your overall DTI ratio. ...
Since the amount of interest you pay depends on the principal balance, you can reduce the total interest on your loan by making larger principal payments as you pay down the loan. You can do this by making a singlelump-sum payment, which is normally called aprepayment, or by putting some...