Can I get a 48-month loan on a Ford Explorer and pay it off in eight months without any issues?

"I'm expecting to get a lump sum legal settlement in about eight months. In the meantime, I need a car to get around.

I found a Ford Explorer I like, but right now the most I can afford is the monthly payments on a 48-month loan.

Can I pay off the loan early when I get my settlement?"

Answer
“In most cases, you can pay this loan off early.
The only way that you can’t pay off the loan is if your loan contact says so. Some loan contracts specify that you can’t pay the loan off early or you have to pay a hefty penalty.
Before you sign anything, make sure that there’s no penalty for prepayment.”
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Eric Schad
Answered on Jun 16, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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