If I pay off my auto loan early, do I HAVE to pay the FULL principal amount too?
- LLv 51 month 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.
- SlickterpLv 71 month 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.
- Badge 203Lv 61 month ago
Of course, just not the interest
- EvaLv 71 month 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.
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- MichaelLv 71 month ago
Yes. Paying early saves you interest, not principal.
- Wayne ZLv 71 month ago
You always have to pay back the full principal.
Paying it off early saves on the interest but that is it.