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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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