Can I Pay Off A Car Loan Early
Olivia Luz
Why pay more than your car is worth when you can pay off your car loan early.
It is easy to save money by paying your loan off early. If you have a 60 72 or even 84 month auto loan you ll be paying a lot of interest over the life of your loan. This discourages buyers from paying the loan off early and allows the lender to collect all the interest. In fact your monthly payment includes interest which you don t have to pay on the remaining 15 months as you re paying off a car loan early.
If you have a high interest car loan. If you re in a position to pay off your car loan before you legally have to then you ll likely have to pay repayment fees also known as resettlement fees. About seven out of 10 people borrow money to buy their cars and a car loan is one of the largest financial obligations you can have. Many loans have no penalty for early payment.
Unfortunately most finance companies operate with early repayment fees. You can also pay more than the minimum amount due each month. However some car loans may allow you to make additional repayments or pay off your entire loan early. Contact your lender to find out your car loan payoff amount and ask how to submit it.
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In fact many car loans are structured so that you gain an advantage by paying the loan off early. One way to pay off your car loan early is to make one lump payment. The amount of interest you pay every month does decrease a little bit because your balance is going down. That s five to six years.
Use an amortization calculator to determine your savings. You won t pay your loan off early. Then you can compare auto loan rates from bankrate s lending partners to find the best loan for your next car. If you re one of them you may have a loan that will take you 60 or 72 months to pay off.
Before doing so make sure your lender doesn t charge a prepayment penalty for paying off the loan early. The payoff amount includes your loan balance and any interest or fees you owe. You have a legal right to ask for a settlement figure and to settle your agreement early under the consumer credit act cca and you ll be entitled to a rebate of interest charges under your agreement for the period of the loan remaining. Paying off the loan early can reduce the total interest you pay.
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