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Are there any penalties for paying your vehicle finance loan off early?

Are there any penalties for paying your vehicle finance loan off early?

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#1

For agreements that involve finance of less than R250 000 and that fall within the ambit of the National Credit Act (we call these intermediate agreements), the settlement amount is the sum of the current capital balance outstanding, and the daily interest up until the day of settlement.

For agreements that involve finance greater than R250 000 and that fall outside the scope of the National Credit Act, the regulation makes provision for early termination fees to be added to the settlement amount. But, in most cases, if the account is well-conducted and the customer refinances with WesBank, we waiver this penalty fee, at the discretion of the bank.