Apply where you see the best rates. Try different lenders to see all the different terms and conditions. Choose and select what is best for you.
Q: What is the penalty for an early pay off?
Generally, there is not a penalty for an early pay off. There are two types of interest rate calculations: Simple interest, which earns you interest like a credit card, is based off of 12 months and the remaining interest that you have left on a daily basis. As your balance goes down, you have a lower interest rate each month. Then, there is something called rule of 78's, where you pay a lot of the interest up front. As it matures you pay less interest. If you have an early pay off there is rebate that is refunded to you
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