Can I pay off my car loan early without interest?

Written By: admin on November 22, 2009 3 Comments

Is it possible to pay off a car loan without having to pay the interest? I have my loan with anderson brothers bank.

mark on: 22 November 2009 at 1:25 am

Maybe. Be aware you might have a pre-payment penalty.

Read the following

http://www.allthingsfrugal.com/auto.loan.penalties.htm
Frequency on: 22 November 2009 at 1:25 am

Yes in most circumstances. But some laws have stipulations against this. Especially high interest loans. Please check with your Loan Owner for the particulars.
Rico Trump on: 22 November 2009 at 1:25 am

The quicker you pay it off the less interest you will pay.

I can tell you one trick that works. If you get a credit card with 0% APR for 1 year, you can use that to pay off your car. Just make sure you pay off the credit card before the 1 year period.