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Can I prepay my loan at any time without penalty?

Answer:

Whether you can pay off your auto loan early without a penalty depends on your contract and on your state’s law. 

If the lender wants to charge you a penalty or fee to pay off the loan early, the contract has to contain a prepayment penalty clause. Review your Truth in Lending disclosures and the contract before you sign the agreement. These documents will tell you whether there is a penalty for paying early. You should also ask your lender, or the dealer if you are getting dealer-financing, if there is a prepayment penalty. If there is, you can negotiate to have the penalty removed from the contract or ask for a different loan.

Why it matters: If your loan has a high interest rate, you may later be able to refinance at a lower interest rate and payment. When you refinance, you prepay the original loan in full. Ask your bank, credit union, or other lender about interest rates.

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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The Miss April updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.

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