Loan Planner - first payment in a different month
I just took out a 36-month car loan. Although the origination date is in December, the first payment isn’t due until January, and the payoff date isn’t until January 2025.
When I enter the loan terms in the new loan account, naturally enough it shows a payoff date 36 months away - December 2024.
If I don’t make my first payment until January, will the payoff date self-correct? Or will the amortization be messed up? Similarly, if I go ahead and make a payment in December, will that cause problems?
Just trying to anticipate the issues so I can make any recommended workarounds ahead of time.