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Can I pay the new loan off early?
Yes. Under the CCCFA you always have the right to repay a consumer loan early, in part or in full. Some lenders charge an early repayment fee when you do; the law limits that fee to a reasonable estimate of the lender's actual loss.
By Leverage Finance · Updated 17 July 2026
If paying ahead matters to you (round-ups, lump sums from tax refunds, clearing the loan when a bonus lands), check the new loan's early repayment terms before you sign. It's a standard disclosure and a fair question to put to the lender. Some loans are friendlier to extra payments than others, and it's worth knowing which kind you're signing.
Our guide to paying a car loan off early covers how extra payments interact with declining-balance interest.
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