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Assuming you can. Some deals are set up so that you have to pay most of the interest even if you pay the loan off early, or other prepayment penalties.
by throwawayboise 6y ago
Assuming you can. Some deals are set up so that you have to pay most of the interest even if you pay the loan off early, or other prepayment penalties.
- SilasX 6y agoYes, prepayment penalties are a thing. But every time this comes up, we see reports of too-good-to-be -true deals that don't have them. See, for example, this thread: https://news.ycombinator.com/item?id=14484615 https://news.ycombinator.com/item?id=14484615 I also had a friend do exactly what I described, and there was another thread where they only had to make two payments and then could pay off the rest without penalty (and even that was an unspoken gentlemen's agreement with the dealer) -- will find if I get a chance. The point is, it's simply not warranted to assume as a bedrock of truth that no dealer every makes a confused deal in this respect, as chrisseaton was insisting.