What are the details of the prepayment penalty? Do you have the text handy?
Originally Posted by vern
You will have to wait 6 months before you pay it off in full. Before that you will get hit with a penalty
If it's a significant penalty, just take the loan, pay first payment and all but five payments worth of principal in the first month. Contract runs six months with minimal interest charges and no prepayment penalty.
Last edited by gpburdell; 12-04-2012 at 07:08 AM.