What if I decide to pay off a loan prior to the end of loan term? Is there a penalty for early pay-off?
Penalties are not applicable to simple interest loans. If you decide to make payments on your loan that are in excess of the required monthly payments, you will substantially decrease the term of your loan and this will result in a reduction in overall interest expenses. You can always pay-off your loan in full at anytime. Any other terms outside of Simple interest terms are best discussed and answered by our RV/Boat loan specialists.
Related Questions
- Is there ever a possibility for the borrower having to pay a pre-payment penalty with Construction Loan One?
- What if I decide to pay off a loan prior to the end of loan term? Is there a penalty for early pay-off?
- Is it possible to pay down the principal balance, prior to converting to the permanent loan?
