The car loan with special repayment is guaranteed only without loss possible, if there is a regulation in the contract. In principle, all loans can be repaid prematurely, but often this brings with it financial disadvantages. Not all calculated costs and interest are always calculated back. Especially the possibility of special repayment in car loan is particularly important. Many vehicle loans are being replaced prematurely. Why this is so, the following article will take a closer look.
The car loan with special repayment – the rules.
Car loan with special repayment guarantees the advantages of an individual early repayment. Basically, you can repay every credit agreement. However, this only applies to the full repayment. Partial amounts are often rejected unless there is a corresponding special repayment scheme. The background of this regulation is clear. Each special repayment changes the credit in its basic structure. The terms change, an adjustment is necessary. It used to be very labor intensive. Thus, the right to special repayment was only legally enshrined in loans from home savings contracts. For all other loan agreements, special repayments may be refused. Even if you terminate the loan on time, prepayment interest may be charged.
The car loan with special repayment is different. An additional special payment may be made at any time during the contract period. The minimum amount for a special repayment is usually fixed. If the loan amount is to be repaid in one payment, then no prepayment interest is payable. As a rule, all costs are recalculated as if the payment had been agreed from the beginning. A special repayment right is always a really fair supplement to the credit agreement for the consumer. Without this agreement, only a special repayment by mutual agreement can be made. Whether the lender agrees is up to him.
How common are special repayments on car loans?
Especially with installment loans for vehicle purchase, the rate of early repayments is particularly high. The reason for this are neither lottery profits nor inheritances. Special repayments are increasingly made when employers pay additional bonuses. To pay off the car loan by special repayment faster that many want with the Christmas bonus or profit sharing. As a rule, however, early loan repayment is the most common reason. Even during the loan period, people often decide to change the vehicle. The reasons why a car loan with special repayment can be used can be manifold. Pending repairs as well as simply the desire for another vehicle, the procedure is often the same.
You can see a nice other vehicle at a dealer. The purchase price for the “old vehicle” by the dealer is sufficient even after the credit transfer as a down payment for the “new”. What is often not even noticed, is that the charge is reduced by prepayment interest. Only the car loan with special repayment prevents this loss.