<prompt> Human: For the last year, Ive been paying my car loan payment to BoA each month but paying just the payment. Recently Ive been managing my money better and would like to pay my auto loan down quicker. I assumed instead of the normal 403mo I was paying, I could pay 450 or 500 etc. each payment to knock the principal down, thus lowering the total amount of interest paid and paying off the loan faster. Not so fast...When you make your payment with BoA each month, they do not give you an option to specify how you would like that extra money, over and above your payment, to be applied to your loan. They just apply it as a prepayment towards your next bill. What does this mean? It means that you end up paying the full amount in interest. Even though you work hard and try to pay down your loan sooner they get their money in the end. The only option they give you to make additional payment towards the principal amount only, is to write a check or go into a branch each month to pay your bill. They know most prefer online banking for convenience so they conveniently remove the option for you to be responsible with your money. rant  <response>: Youre wrong about having to pay the same in interest. When you make a larger monthly payment, they will deduct that months payment and apply the rest for next months, this will usually move next months due date back a few days, all you simply have to do is continue making your payment the same day that youve always made it, regardless of what your due date is, this way, you will have paid off your loan sooner and saved on interest, exactly the same way as if your payment was made to principal only. Theres no difference except for the fact that your due date gets moved around, simply ignore it. 