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5 Strategies for Paying Off Your Car Loan Early. If you have a simple interest car loan, your credit is in good standing and your loan doesn’t have any payoff penalties, it may be wise to pay ...
Whether to pay off a car loan early depends on your budget, your loan’s interest rate and your other financial goals. ... you plan to sell the car or trade it in. If your lender required minimum ...
Paying off a car loan early isn't the right choice for everyone. Determining whether you're the right candidate begins with asking particular questions about your financial situation and preferences.
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Prepayment is the early repayment of a loan by a borrower, in part (commonly known as a curtailment) or in full, often as a result of optional refinancing to take advantage of lower interest rates. [ 1 ]
As you can see, with the Rule of 78, early payments are more interest-heavy. Rule of 78 vs. simple interest. While the Rule of 78 can be used for some types of loans (usually for subprime auto ...
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