WebJun 30, 2024 · Related: Best Auto Loan Refinance Lenders. 2. What Fees You Might Have to Pay. Some lenders include a prepayment penalty in the car loan agreement for paying off the debt early. Be sure to check ... WebJan 10, 2024 · Prepayment penalties can average 2% of the remaining loan balance. The average auto loan balance was $20,987 in 2024, according to Experian, which would translate to a penalty of roughly $420. Depending on how much you can save over time with your new loan, it may not be worth the upfront cost. Your car is almost paid off.
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