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Auto loan prepayment clauses: Why it's hard to pay down car loan interest early Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing impartial and unique content, by enabling users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example such things as the order in which they be listed within the categories of listing, except where prohibited by law for our loans, mortgages, and other products for home loans. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be open to you. The eternal in an instant/Getty Images
2 min read Published June 30, 2022
Writer: Kellye Guinan. Written by personal and Business Finance contributor Kellye Guinan is a freelance editor and writer with over five years of experience in personal financial planning. She is also an employee full-time at her local library where she helps her community access information about financial literacy, in addition to other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched, and well-constructed information that breaks down complicated subjects into digestible pieces. The Bankrate promises
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This compensation could impact how, where and in what order products appear in listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. The penalties for prepayment can stop you from saving money on interest. There are many lenders that have this -but it's getting more common, but you can request changes in the method by which the payments are made. You may also refinance, but be prepared to pay a cost to get out of your current contract. What is a prepayment agreement? Prepayment clauses specify the time and manner in which the borrower may pay off a loan. There may be the prepayment penalty- the cost of paying off a loan in advance or making additional payments. This is especially common with auto loans which have precomputed interest. You may be entitled to an amount of a rebate or a partial refund however it will not pay the entire amount of interest that you have paid. Prepayment penalties make it difficult to reduce the principal or . If your loan is a high-interest rate, you'll end up paying a substantial amount to your lender and not be capable of reducing the amount. Because cars depreciate in value, the more you spend on interest, the more likely to be . How prepayment clauses affect automobile loans There are two primary ways in which prepayment clauses can affect your . You may not be able pay principal down. A prepayment clause might make it difficult to pay the principal down. The extra amount is used to pay for the next installment. It can help in a pinch by lowering the amount you have to pay month-to-month, however you'll still be paying an enormous amount of interest. Refinancing can be more difficult prepayment agreement could contain an early payment penalty, which could result in refinancing costing more than it's worth. However, if you save on interest by switching to a different lender, you may still be able to make it work. How do you stay clear of prepayment penalties on auto loan prepayment penalties It's possible to avoid penalties for prepayment for your auto loan. However, the precise method for getting rid of them is contingent on what you're trying to achieve. If you are looking for an loan Talk about penalties for early payment with your lender. You want to be up in the beginning. Plenty of lenders, including credit unions and banksdo not have prepayment clauses included in their contracts. It is possible to avoid a number of future headaches by ensuring this prior to taking out a loan. If you're planning to refinance use the same method when you compare lenders. Compare alternatives that don't impose an obligation to pay in advance. Once you refinance it, you'll be in a position to make the additional payments you'd like. Be aware of the costs associated with refinancing in the event that your current loan is subject to an early payment penalty. Check out an online calculator to determine whether refinancing is a good idea for your budget. Consider the cost as part of your current loan amount to decide if refinancing is worth it. If you're content with the terms of your loan negotiation the terms with your existing lender is also an alternative if you do not want to refinance. You may request extra installments to be applied to your principal, even if there is the prepayment clause. But this is far from being guaranteed. Most lenders won't alter a loan contract without good reason. Be aware that some lenders don't have prepayment clauses , but apply additional payments to interest first. Reach out to your lender and ask them to let the money be applied to the principal. If there's not a prepayment clause in place, your lender has to comply. The bottom line is that not all states allow penalties for prepayment -- and there is no way that a lender will charge one on a over 60 months. But if your contract already includes one you can get around it. Begin by contacting the lender and asking them to allow payments to be made in a different manner. If that doesn't work, look into refinancing. Even with a penalty for prepayment it is possible to save money on interest throughout the term of your car loan. Learn more
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Written by Personal and business Finance Contributor Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial planning. She's also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, as well as other subjects. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances by providing precise, well-researched and researched information that dissects complicated topics into digestible pieces.
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