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.
“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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