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Whether to pay off a car loan early depends on your budget, your loan’s interest rate and your other financial goals. Generally, you should pay off your car loan early if you don’t have other ...
Before you decide to pay off your car loan early, know the direct and indirect disadvantages of doing so, including: Prepayment Penalty Generally speaking, lenders don't want you to pay your loan ...
Here are some other reasons not to pay off your car loan early: Lack of emergency savings. Bankrate reported early in 2021 that most Americans could not afford a $1,000 emergency. Just 39% have ...
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Individual borrowers who expect to prepay their loans early should generally favor a combination of lower principal balance and higher interest rate (which stops accruing after prepayment), rather than a below-market interest rate and higher principal balance (which much be paid in full, regardless of prepayment).
3. Auto loans. After personal loans, focus on paying off auto loans next if it makes sense. The average car loan rate is 8.40% for five-year terms and 8.76% for six-year terms, with the average ...