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Auto loan prepayment clauses: Why it’s hard to pay down car loan interest early Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and analyze data for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that could be open to you. Eternity in an Instant/Getty Images

2 min read Published June 30, 2022

Written by Kellye Guinan Written by personal and business finance Contributor Kellye Guinan is an editor and writer freelance with more than five years’ experience in personal finance. She is also employed full-time at the local library, where she assists people in her community gain access to information on financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched, and well-constructed information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee

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We receive compensation for the placement of sponsored products or services, or when you click on certain hyperlinks on our site. This compensation could impact how, where and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage, home equity and other products for home loans. Other elements, such as our own proprietary website rules and whether a product is available in your area or at your self-selected credit score range can also impact the way and place products are listed on this website. We strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial item or product. The penalties for prepayment can stop you from saving money on interest. A lot of lenders offer itbut it’s getting more common, however, you are able to request modifications to the way payments are handled. Refinancing is also an option, but you must be ready to pay a cost to get out of your current contract. What a prepayment clause is prepayment clauses define the time and manner in which the borrower is able to pay off the loan. Some may have a prepayment penalty — an amount to be paid for repaying a loan in advance or making additional payments. This is especially common with auto loans which use precalculated interest. You could be eligible for some sort of rebate or refund but it’s not enough to be enough to cover the total amount of interest you paid. Prepayment penalties make it difficult to pay down the principal or . If your loan is at a high interest rate, you’ll end up paying a significant sum to the lender and not be capable of reducing the amount. Because cars depreciate in value so the more you have to pay in interest and fees, the more likely to be . What are the effects of prepayment clauses on automobile loans Two primary ways prepayment clauses impact your . You might not be able to pay principal down. A prepayment provision may make it impossible to pay for the principal. Instead, that additional amount is used to pay for the next installment. It could be useful in the event of a crisis by reducing the amount that you have to pay month-to-month, however you’ll still end up paying an amount of interest. Refinancing can be more difficult prepayment agreement could contain the possibility of a penalty for prepayment that can result in refinancing costing more that it’s actually worth. However, if you save in interest rates with a new lender, you may still manage to break even. How do you get rid of auto loan prepayment penalties It’s possible to avoid prepayment penalties for your auto loan. However, the precise method for staying clear of them will depend on the goals you’re trying to accomplish. If you’re looking for an loan discuss penalties for prepayment and penalties with your lender. You should be aware of the penalties up front. Plenty of lenders, including credit unions and banksdo not have prepayment clauses in their agreements. You can steer clear of a lot of hassles in the future by checking this before you take out a loan. If you’re planning to refinance Follow the same process in comparing lenders. Compare options that don’t enforce a prepayment clause. Once you refinance it, you’ll be in a position to make any extra payments you want. Be aware of the costs associated with refinancing in the event that your current loan is subject to an early payment penalty. Use an to see whether refinancing is a good idea for your budget. Calculate the cost as a percentage of the current loan amount to decide if refinancing is worth it. If you’re happy with the terms of your loan negotiations the terms with your existing lender is also an alternative if you do not want to refinance. It is possible to request additional payments be applied to the principal, even if there is the prepayment clause. However, this isn’t being guaranteed. Most lenders won’t modify a loan contract without justification. Take note that some lenders do not have prepayment provisions, but they will require additional payments for interest first. Call your lender and ask that the money be applied to the principal. If there’s no prepayment clause in place, your lender has to comply. The bottom line is that not all states permit penalties for prepayment — and the law states that no lender can charge one on an over 60-month contract. If your contract includes one, there are ways to work around it. Begin by communicating with your lender and asking for payments to be made in a different manner. If that doesn’t work, think about refinancing. Even with a penalty for prepayment you could be able to save money on interest throughout the term of your car loan. Find out more


Written by Personal and business Finance Contributor Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finance. She’s also an employee full-time at her local library, helping the community gain access to information on financial literacy, in addition to other subjects. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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