It depends on the financing terms; some loans have prepayment penalties, while others do not. Paying off your financing early can save you money on interest. Here are a few things to keep in mind before you pay off your financing early:
Check your funding agreement for early repayment terms and any associated fees.
Contact your funding expert to confirm prepayment penalties and request an updated payoff amount.
Choose a payment method for early repayment and keep records of the transaction.
Consider potential credit implications and enjoy financial flexibility sooner.