- Listed: August 12, 2022 2:34 pm
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Principal is the money that you originally agreed to pay back.
Generally, any payment made on an auto loan will be applied first to any fees that are due (for example, late fees). Next, remaining money from your payment will be applied to any interest due, including past due interest, if applicable. Then the rest of your payment will be applied to the principal balance of your loan.
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