balance as a prepayment penalty, so careful consideration is necessary to see if the prepayment penalty will cost you less than the interest you would pay anyway.
Typically, you can go online or within your lender’s website to find out how much interest you would pay in for the remainder of your loan. Compare this to your lender’s prepayment penalty, and this will let you know if the prepayment is the better approach.
. When you have a loan, lenders require full coverage auto insurance. If you pay off the loan, you can switch to other types of coverage to cut costs. As a result, your decision to pay off the loan early may save you money overall when factoring in insurance savings.
If you decide to pay off your loan and switch your insurance coverage, make sure to check out the
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