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Cake day: October 25th, 2023

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  • If you decide to make the payment, make sure it’s applied toward the principle not the interest first. I made the mistake of just making extra or higher payments on a vehicle loan and the bank applied it toward the anticipated interest first. There was no prepayment penalty so I thought I was in the clear to just do so. Yes it shortened the life of the loan and how much interest I total would be paid, but banks will always look after there own …ahem… interests.