For most vehicle owners, the day their auto loan balance reaches zero is a celebratory day of emancipation.
No more auto loan payments is a sweet deal, but typically a short lived celebration. Many vehicles show wear and tear after 48 to 60 months and instead of making loan payments, you may be making payments to the auto shop for repairs, especially if the vehicle was previously owned (used).
This is why, given the opportunity, the notion of paying off an auto loan early looks attractive....Read more:When You Should-Shouldn’t Pay off Your Auto Loan Early
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