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Is signing up for an early auto loan termination program a good idea?

A dealership near me is running a special where they'll pay off my current car loan if I finance a new car through them. Are there any catches to an early auto loan termination program?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“What will happen is that the dealer will pay off your balance from the lender and roll that amount into a new loan. It won’t just pay off your loan free and clear.
So you’ll essentially be paying for the leftover balance of the old car but with a new lender. Other than that, there are no catches.”
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