What is is AutoPayPlus?
What is AutoPayPlus?
How AutoPayPlus Works
AutoPayPlus is an automated payment service that shortens the term of an auto, home, or student loan while reducing interest charges and accelerating equity. Various payment plans are available to coincide when it is convenient for you – by default, we recommend biweekly. Here’s how it works: Standard Loans require one payment every month. Biweekly loan payments divide this payment in half and debit that amount every two weeks from the customer’s bank account. Because there are 52 weeks in a year, you make 26 biweekly payments over the course of a year (the equivalent of 13 monthly payments) with the extra payment(s) applied to the principal.
Flexible Payments On your Schedule
On a monthly basis, the payment amount is typically the same – however, it can be increased (slightly or significantly) based on how quickly you wish to pay o the loan, and what best fits your finances. The extra month’s payment each year can shorten the term of the loan, increase your equity (in home and auto loans), and assist you in being debt-free faster