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Only if you like big prepayment penalties. A "precomputed loan" obligates you to pay ALL the interest the loan would have earned if you would have paid it off in the contracted time. These things are structured more like mortgages than car loans, in that the ratio of interest to principal being paid is higher at the start of the loan than it is at the end. (IOW, they're going to get their interest first.) If you decide to pay the loan off early, they'll use something called the "Rule of 78s" to calculate the amount of interest to rebate to you...which won't be the amount of interest you really should receive back. If it was my loan, I'd open a savings account and deposit the money you would have used to prepay the loan. This way you won't be dealing with prepayment penalties, and you'll have a nice little amount of money in the bank.
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Where can you get an auto loan with an early payoff?
You can pay off any loan early, there are no specific early payoff loans. Places that offer auto loans include Capital One, Chase, Bank of America, Wells Fargo, and e-loan.
Where can I find early payoff calculators?
You may find out about early mortgage payout calculators at the following websites...www.bankrate.com/calculators/.../early-payment-payoff-calculator.as... or loan.bizcalcs.com/Calculator.asp?Calc=Loan-Early-Payoff
Auto Loan Early Payoff?
Auto Loan Early Payoff How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!
Are there any extra charges for a auto loan early payoff?
Some auto loan companies charge document prep charges or application fees for an auto loan early payoff. You may be able to find companies that do not charge any fees though.
How do you find the payoff balance on a personal loan?
How do you find the payoff balance on a personal loan?
Loan Payoff What is my loan payoff on a 2005 Chevrolet uplander?
How can you possibly expect there to be one answer for a question such as this! First and formost, ask your lender. They ALWAYS know what the loan payoff is.
What are some benefits of an auto loan early payoff?
The biggest advantage to an early auto loan payoff is that you will save yourself a ton of money in interest. The more you can pay early will go to the principal, thus lowering your overall interest. You will pay less in interest and pay your car off sooner. Watch out for early payoff penalties in the fine print. Not all loans have penalties, so paying off early can be a really good idea.
Does a buyer need to know what your payoff is?
Need payoff for a loan
How do you calculate unpaid balance?
If you are ready to payoff the loan, call the lender. That is because interest has to be recalculated to the day you would pay. Remember to check whether there is a early payoff penalty.
Where online can I find a loan payoff calculator?
You can go to the site calculator.bankrate.com. It will show you a free loan payoff calculator on their site and you can use it. Just type in your loan information and do it!
How can I get the payoff on my truck?
Call the loan company u went through and ask them for the payoff
What is an auto loan early payoff?
When you buy a car they base your monthly payment on the principle plus interest accrual for the entire length of the loan. If you decide to pay the loan off early they will recalculate your total based on interest accrual only up to the date of payment.
