2006-10-23 17:14:28 · 7 answers · asked by LovePeaceandHairgrease 1 in Business & Finance ➔ Personal Finance
Because automobiles depreciate in value, they do not have a pre payment penalty clause like houses do...
You can pay it off early if you have the funds with no problem...
It may take a few weeks to get your title in the mail from your bank, but you can certainly pay it off early whenever you like...
2006-10-23 18:21:27 · answer #1 · answered by aspenkdp2003 7 · 2⤊ 1⤋
Certainly
2006-10-23 17:16:26 · answer #2 · answered by frugernity 6 · 1⤊ 0⤋
Yes, but be sure to contact your bank that you purchased the car through and ask if there is an "early pay-off penalty". While I'm sure it will be less than the finance charges would be, it can still be pretty big. Chances are, you wont have one though, so pay away!
2006-10-23 17:24:43 · answer #3 · answered by kris5449 2 · 1⤊ 0⤋
You should be able to. Most auto loans do not have prepayment penalties. Double check to make sure yours does not. And then be proud of yourself that you are one of the few who doesn't owe someone for their car!
2006-10-23 17:20:16 · answer #4 · answered by Skeeter R 1 · 1⤊ 0⤋
Certainly.
2006-10-23 17:19:09 · answer #5 · answered by tooyoung2bagrannybabe 7 · 1⤊ 0⤋
SURE--just call to find out what the pay-off balance is from your loan place!
2006-10-23 17:23:32 · answer #6 · answered by f4fanactic 6 · 1⤊ 0⤋
Of coarse, you may even get some of the interest back.
2006-10-23 17:38:13 · answer #7 · answered by larryclay2006 3 · 1⤊ 0⤋