Reported about 6 hours ago
Car loan prepayment penalties are fees charged by lenders if a borrower pays off a loan early or makes extra payments, typically about 2% of the remaining balance. These penalties can complicate refinancing and make it harder to reduce the principal. It's crucial for borrowers to discuss these penalties with lenders before securing a loan, as not all lenders impose them and some states restrict such fees. By knowing how to avoid these penalties and understanding your loan terms, you can better manage your auto loan effectively.
Source: YAHOO