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Paying off an APR / annual percentage loan early is possible and it can save the loan holder a substantial amount of money in interest charges. Depending on the loan amount, if it is repaid six months ahead of schedule it could save 7% of the total amount of the loan.

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12y ago

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Can car loans be paid off early?

It is possible to pay of car loans early, however you need to make sure that you do not have to pay for prepayment penalties if you decide to go this route. Some loans will make you pay extra for trying to pay it off early, so just double check that.


What are the fees and interest rates on EZ payday loans?

The average rate on payday loans is 400% annual interest (APR) or more. You will be better off with a personal loan if you can qualify.


Don't Put Off Your Student Loan Payments?

A great way for students to get a handle on finances is by taking care of student loan debt as early as possible. By taking care of this great burden as early as possible, a student will make his or her life easier later on. A person will be able to possibly save thousands of dollars by paying off student loan debt as early as possible. The longer a student waits to make federal student loan payments, the more interest he or she will accrue on such loans. A student should always seek to pay off student loans right after graduation, rather than postpone paying off such loans. There are even government programs students should research that may potentially cover the cost of student loans, if a student takes a public service job for a certain number of years. For example, the government will pay off the law school student loan debt of students that take on a public service job for a certain number of years after graduation. This can be a great way to pay off debt in an easy way and it will allow a student to save money.


Can student loans be paid odd early?

Absolutely! the faster you pay them off, the less interest you'll have to pay on them.


Is there a penalty for paying off car loans early?

Sometimes. You'll have to read the lender/borrower agreement or contract. It's in the small print. yes and not just car loans


Can you pay a car loan off early?

If your loan is fixed, you could pay your loan off early but you would not benefit from it because you would still be paying the same amount. And there are some loans that you will be penalized for paying off early. Please check the terms of your loan.


Why do some people pay off their student loans faster than others do?

Some people like to get their loans paid off as quickly as possible because of the intrest. The sooner it is all paid off, the less money is wasted on the accumulating intrest.


What is the policy regarding FHA loan prepayment penalties?

FHA loans do not have prepayment penalties, meaning borrowers can pay off their loans early without incurring any additional fees.


What is the prepayment penalty policy on FHA loans?

FHA loans do not have a prepayment penalty policy, meaning borrowers can pay off their loan early without incurring any additional fees.


What is responsibility as an heir to deceased's loan?

There is no responsibility. The loan is the responsibility of the estate. They are required to pay off the loans if possible.


Is it possible for me to pay off a 401k loan early?

Yes, it is possible to pay off a 401k loan early. You can contact your plan administrator to find out the specific steps and requirements for doing so.


Is it possible for me to pay off my IRS installment agreement early?

Yes, it is possible to pay off your IRS installment agreement early. You can do this by making additional payments towards the balance owed. Contact the IRS or check your agreement for specific instructions on how to pay off the balance early.