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Started By
Message
Why do some people call a truck/car payment a "note"?
Posted on 3/31/25 at 5:10 am
Posted on 3/31/25 at 5:10 am
Growing up for me it was always called a payment
23
Posted on 3/31/25 at 5:13 am to TigersHuskers
Promissory Note is what the bank used to call it.
Posted on 3/31/25 at 5:18 am to NatalbanyTigerFan
Yep, or bank note
Posted on 3/31/25 at 5:34 am to TigersHuskers
quote:
Why do some people call a truck/car payment a "note"?
Perhaps it's some kind of mental thing to cope with the reality that you don't own the vehicle until you have the title.
Posted on 3/31/25 at 5:45 am to TigersHuskers
I’ve always called it a note
Posted on 3/31/25 at 6:25 am to TigersHuskers
Some people are lucky to remember to breathe, I think you fall into this category
Posted on 3/31/25 at 6:32 am to NatalbanyTigerFan
quote:
Promissory Note is what the bank calls it.
Posted on 3/31/25 at 6:37 am to TigersHuskers
“I like you, do you like me” note.
Posted on 3/31/25 at 6:38 am to TigersHuskers
because tote the payment sounds awkward
Posted on 3/31/25 at 6:39 am to 62Tigerfan
quote:
Perhaps it's some kind of mental thing to cope with the reality that you don't own the vehicle until you have the title.
Hahaha. You think you own it then? Stop paying the taxes.
Posted on 3/31/25 at 6:41 am to TigersHuskers
A Note is what you sign promising to pay something
Posted on 3/31/25 at 6:53 am to TigersHuskers
If I pay off my car loan early, do I save in interest or is that calculated out from the start and lumped in? Is there any sort of penalty or downside to paying it off earlier?
Posted on 3/31/25 at 7:03 am to TigersHuskers
quote:
Why do some people call a truck/car payment a "note"?
Because that's what the bank calls it...
Posted on 3/31/25 at 7:12 am to TigersHuskers
quote:
Why do some people call a truck/car payment a "note"?
What is this “payment” thing you speak of?
Posted on 3/31/25 at 7:13 am to TigersHuskers
You make the payment towards the note.
ETA: if you do not, they enforce their security rights and sell the car to (hopefully) satisfy the note.
ETA: if you do not, they enforce their security rights and sell the car to (hopefully) satisfy the note.
This post was edited on 3/31/25 at 7:14 am
Posted on 3/31/25 at 7:16 am to TigersHuskers
Uh, there is a note that memorializes the loan and your obligation to repay. It is a negotiable instrument. Same with a home loan.
Posted on 3/31/25 at 7:17 am to HuskerDoc
quote:
If I pay off my car loan early, do I save in interest or is that calculated out from the start and lumped in?
On a simple interest loan the interest is calculated and paid monthly based on the balance at that time. So if you pay the loan off early you would save by not paying any interest you would have paid if you didn’t pay it off early.
quote:
Is there any sort of penalty or downside to paying it off earlier?
Unless there is a prepayment penalty on your loan no, there is no downside other than the opportunity costs you lose with the money you paid it off with. Prepayment penalties are illegal in LA I believe FYI.
Posted on 3/31/25 at 7:22 am to MikeBRLA
quote:
Prepayment penalties are illegal in LA I believe FYI.
quote:
Louisiana statute allows prepayment of any loan as long as it is not prohibited by federal law, but apparently does so by specifically stating that they are not considered interest (La. Civ. Code Ann. Title. 9 § 3505, 3509.3). But a recent law sets graduated limits (from 5% of the principal for the first year down to 1% in the fifth year) on prepayment penalties for simple interest consumer mortgages of $25,000 or more with a term of seven years or more. After the fifth year, the law prohibits prepayment penalties on these loans (La. Rev. Stat. Title 9 § 3532.1 Act 1184 (HB 1853). The law prohibits prepayment penalties on such loans that have a principal of less than $25,000 or a term shorter than seven years.
Posted on 3/31/25 at 7:29 am to TigersHuskers
It was always a note for paying back a loan and a payment for a bill.
Posted on 3/31/25 at 7:32 am to SixthAndBarone
I remember a buy here pay here place advertising " we tote the note"
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