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Bank penalties for clearing car/personal loans early?

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  • 23-01-2011 12:59am
    #1
    activegal
    Registered Users Posts: 34 ✭


    Hi everyone

    I have a 5 year car loan with Permanent TSB, the agreement on which stipulates my final monthly payment is due SEPT 2012.

    I have some savings with which i could now clear theoutstanding balance, but could anyone tell me if i would liable for penalties /extra charges if i do this? I have checked the T & C of the HP agreement and can find nothing relating to this..

    Thanks :)


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    #2
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    If it's a variable rate, then you should be fine. Penalties are usually only applied to repaying fixed rate loans early (as the bank loses out in these cases).

    Best thing to do is ring your bank on Monday and get them to confirm.


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