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Why did I get a $20 fee on my car loan if I paid a month in advance?
"I paid my car loan on May 22 to apply it to my July payment. Now, I have a $20 fee on the statement.
Why did I get hit with this penalty for paying early?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Some car loans stipulate that you can’t pay more than a month or so ahead. If you do, they’ll apply a fee to your account. Check your contract to see what it says.
If you can’t find that stipulation in the contract, don’t stress. It could just be an error on their end. Give your lender a call, and they’ll be able to tell you exactly what happened.”
View full answer
- Gregory R.
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