Can a three-year car mortgage be paid off early?

[MacEmery]

It is possible to pay off a three-year car mortgage early, but a penalty fee will be incurred. Not only is late repayment considered a breach of contract, but early repayment is also a form of breach. This is because the interest collected by the bank when the contract was initially signed represents the bank's profit from the transaction. If early repayment were not considered a breach, the bank would have to bear the profit loss caused by the early repayment. Precautions for early repayment: 1. A written application for early repayment should be submitted at least one week in advance; 2. The borrower must provide valid identification, the loan contract, the vehicle registration certificate, and other relevant materials. It is advisable to call the local bank for inquiries before proceeding with early repayment; 3. Calculate the penalty fee in advance to facilitate verification when processing the repayment at the bank counter; 4. Early repayment does not necessarily require paying the full amount; a partial repayment is possible. However, regulations vary among different banks, so it is recommended to call the bank in advance to understand the specific conditions.