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Home > Money & Services > Banking   »   principal balance

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Old Mar 7, 2007, 07:48 AM
dancingdobes
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principal balance
what is the principal balance on the automobile mean?
is that the remaining balance that is owed on the vehicle? i am trying to find out what kind of equity i have in my vehicle

approximate value of car minus the principal balance equals the equity

??? Principal balance is that the balance that i owe on the car

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Old Mar 7, 2007, 11:53 AM   #2  
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These terms refer to ANY loan.

The principal balance is the remaining amount of the original amount borrowed. On any loan, interest comes off the top. So, at the beginning of the loan, a larger portion of your payment goes towards interest with a smaller amount going to reduce the prinicpal. As you make payments, the portion going towards interest decreases while the portion going towards interest increases.

Its also referred to as the payoff balance.
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Old Mar 14, 2007, 09:54 PM   #3  
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Did you know that you can make additional payments to the principal and this will help you pay it off faster.

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ScottGem agrees: True point, but it really has no bearing on the question asked.
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Old Mar 15, 2007, 08:16 AM   #4  
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Well sorry. I was just trying to be helpful.
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Old Mar 15, 2007, 08:18 AM   #5  
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Quote:
Originally Posted by missk
Well sorry. I was just trying to be helpful.
I'm sure you were. But if your answer has no bearing on the question asked, then it really isn't of any help.
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Old Mar 15, 2007, 08:41 AM   #6  
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okay mr computer expert you have made your point now let it go
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