2006-12-13 14:17:28 · 7 answers · asked by groovythek 2 in Cars & Transportation ➔ Insurance & Registration
As soon as you want, but you'll pay dearly. If you default, your rate will sky-rocket, your credit rating will plummet.
If you trade the car in on another, you'll end up paying for whatever you owe minus the worth of your trade. For example, if you financed 20,000, made a two $400 payments, you'll owe 19,200. provided your loan rate is decent and most of that $400 went to principal, not interest.
But if your trade is only worth 15000, thats $4200 of "negative equity" you'll finance into your next vehicle. So if your next car is 20,000, tack on that extra 4200 from this car ( unless you pay cash towards it) for financing a total of 24200.
Now, you'll finance $24,200 another car that will be worth 17500 or less the moment it leaves the lot, now leaving you with 7000 in "negative equity", which unless you have the cash, will never get out from under unless you keep the car until it's paid off or make big time extra payments.
If you mean just pay the loan off and keep the car, most banks won't charge a penalty, but read your loan paperwork or ask the bank you've financed through if they do charge for early pay-off.
2006-12-13 14:30:30 · answer #1 · answered by Andrew 3 · 0⤊ 0⤋
1
2016-09-28 13:41:02 · answer #2 · answered by ? 3 · 0⤊ 0⤋
as soon as you got the money to pay it off. If you signed for it,than you legally (and morally) own the debt.
If the payment has gotten to high for you,you can try to sell the car and get another loan for what you still owe on it (Most people are "upside down" when it comes to car loans)
If you have any other debt questions,check out my source....
2006-12-13 14:28:32 · answer #3 · answered by Chief Paduke 5 · 0⤊ 0⤋
Just as quick as you pay it off, in full, and get the lien release. Once that is done, you will never have to worry about another car payment.
2006-12-13 15:40:08 · answer #4 · answered by oklatom 7 · 0⤊ 0⤋
you can pay it off anytime you want to,,that's what i did,,i bought it on credit payed one year on it,,and then payed It off,,it just helps build your credit up faster,,and makes it easier to get more loans,good luck with it,i hope this help,s.,,have a good x-mas.
2006-12-13 14:21:55 · answer #5 · answered by dodge man 7 · 0⤊ 0⤋
The second it's paid-off.
2006-12-13 16:25:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
when you pay it off.
2006-12-13 14:23:04 · answer #7 · answered by Better_than_you 3 · 0⤊ 0⤋