the interest left over, through the end of the contract term, or the principal balance only?
2006-11-09 03:12:36 · 7 answers · asked by trina 1 in Business & Finance ➔ Credit
Check your contract. If you pay off a loan and specify the money is to be put for the principal, they ccan't charge you any more interest. However, some contracts have a pre-payment penalty that you have to pay if you pay off the loan early.
2006-11-09 06:30:17 · answer #1 · answered by Vadalia 4 · 0⤊ 0⤋
This all depends on the financial institute some will make you pay the interest as well as the principal others will take only the principal. For instants I had a car payments I pay the car off early I even received I a check for overpayment. There are some that will also pentalize you for paying off loans early. The reason they are losing money on the interest they will not being getting for giving you the loan.
2006-11-09 03:23:01 · answer #2 · answered by dncnrn7@sbcglobal.net 2 · 0⤊ 0⤋
This depends on the note but typically interest is paid to the point of payoff. If a prepaymanet penalty exists then that could mean an aditional 6 months of interest.
Check out my blog for info on credit score management, mortgage and real estate.
2006-11-09 04:23:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
once a loan is paid in full then no. If you got a pay off quote from them with a good through date on it and paid that day then you should owe nothing more.
2006-11-09 03:21:36 · answer #4 · answered by golferwhoworks 7 · 0⤊ 0⤋
You're entitled to, any finance company would be happy to receive it, as to whether or not you are obliged to, that would depend on the type of loan, look over your policy and see what it says
2006-11-09 03:18:43 · answer #5 · answered by Phion 3 · 0⤊ 0⤋
You need to read the agreement. Chances are no more is due, but check eith the lender for affirmation.
2006-11-09 03:19:57 · answer #6 · answered by gary t 4 · 0⤊ 0⤋
All depends on what type of loan you have taken?
2006-11-09 03:23:03 · answer #7 · answered by Bruce d 3 · 0⤊ 0⤋