Is it possible to settle on a car loan?

Can I settle on a car loan? I want to pay off the rest of my car loan but my father says it's not possible after reading the paperwork. I don't know he means by this.

Answer
“Settling a car loan is another term for paying it off.
In most cases, you can settle your car loan without any hassle.
What your father probably saw was a fine for early prepayment of your car loan.
Some car loans stipulate that you have to pay an extra amount for paying your car loan off early.
In this instance, you should weigh the fee of paying off the loan early against the amount of interest you’ll pay.
Sometimes, waiting to pay your loan off following the original timeline is the cheaper option.
If you’re looking to save on car expenses, you might want cheaper insurance. The free Jerry app can help you find savings in under a minute!”
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Eric Schad
Answered on Jul 12, 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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