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Benjamin
Benjamin asked in Business & FinanceCredit · 3 months ago

If I pay off my auto loan early, do I HAVE to pay the FULL principal amount too?

5 Answers

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  • L
    Lv 5
    2 months ago

    Why wouldn't you pay the principal amount too?  When a person pays off an auto or home loan............you pay the principal first.

  • Slickterp
    Lv 7
    3 months ago

    Yes, the full principal is the amount that must be paid off to have paid it off early.  The loan is not paid off until principal is paid in full.

  • Eva
    Lv 7
    3 months ago

    The principal amount of your loan doesn't change. The amount of interest you pay does.  The bank should be able to give you a payoff amount.

  • ?
    Lv 7
    3 months ago

    Yes.  Paying early saves you interest, not principal.  

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  • Wayne Z
    Lv 7
    3 months ago

    You always have to pay back the full principal.

    Paying it off early saves on the interest but that is it.

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