Repayment of loan
The process of repayment varies from lender to lender but allows enough flexibility: you can send in payments via the official app (Vroom: Used Cars Delivered), web interface, phone, bank wire transfers, physical checks, or ACH.
To pay automatically or online, you need your savings or checking account to be linked to the Vroom loan account. The transfers will be requested from your bank and the processing time will depend on the transfer processing time of your bank.
Consider auto pay. It allows you not to worry about the payment dates, as the money is withdrawn automatically. You won’t miss your payments, so you can be sure there will be no additional costs on the loan, and your credit reports won’t be damaged.
Early payoff
You can make automatic payments, and you can pay more than the amount that you are required to pay. There's no prepayment penalty, so you can get away with paying off the loan much earlier. This can help you build your credit and save on interest if you can afford making additional or higher amount payments.
