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Pre-Payment Penalties on Car Loans

Sometimes lending agencies will penalize you for paying off a loan early.  Because of this, it might not be worth it to put extra money toward the principal of your loan.  Make sure you know whether your loan has a pre-payment penalty before you start planning to pay it off early.

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Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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