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About Finance Guy
Expertise
1. All questions relating to finance 2. All practical aspects of mergers and acquisitions 3. Many general business questions

Experience
Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired Education/Credentials Business administration undergrad Wharton post grad in finance Awards and Honors numerous corporate awards Past/Present clients range from small enterprenurial companies to large multinationals

You are here: Experts > Business > Small Business: Canada > Financing -- Loans > Early payoff for car loan

Financing -- Loans - Early payoff for car loan

Expert: Finance Guy - 1/12/2009

Question
If I pay my car off early - 3 years, should I get some discount on the interest not used - like a house?

Answer
In theory, yes.

However, it depends on your finance contract.

An easy way to determine this is to call your finance company and
ask for a "pay off" amount.

Compare that to the total of your remaining payments, and that difference is the amount of "discount" that you will receive.

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