Is it possible to make early repayment of a car loan?

You can pay off your car loan early if the contract allows, but request an official settlement figure instead of collecting the remaining installments.

Key points

• The bank calculates the balance as of the payment date, including any early repayment fees or charges.

• Compare the settlement figure to what you would pay if you completed the payments.

• After payment, request a clearance certificate and the release of any liens or restrictions on the vehicle.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• Central Bank of Egypt — Consumer Protection

• Banque Misr — Auto Loan