I am paying my car loan off three years early, am i responsible for the interest during those three years ?

Answers:5   |   LastUpdateAt:2012-10-11 23:42:02  

Question
ZneedHeLP
Asked at 2012-08-27 11:45:02
I'm paying my car loan three years ago, I am responsible for the interest during those three years?
Answer1CarliAnswered at 2012-08-27 12:14:02
If you have a copy of the note of the car , then you may be able to find out if there is a penalty in acceleration of payments , or as they call prepayment penalty . Contact the owner of your car note .
Answer2JoeisAnswered at 2012-08-28 13:52:03
Generally , a prepayment penalty in writing in the contract , usually on the basis of the interest they would have received if they had remained at term . You should find this in the fine print.
Answer3froggieAnswered at 2012-08-29 20:35:07
It depends on the type of loan , because if it is a front loading loan , will not benefit from anything , paying early. If not, you will save a portion of the interest . Ask for a written early settlement figure .
Answer4Miley Cyrus<33>Answered at 2012-10-07 12:00:22
That depends on what you have loan agreement ...
Answer5AL 92Answered at 2012-10-11 23:41:45
No. Good job . You saved a lot of interest charges .
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