Quote:
Originally Posted by Muta
I don't know if it's a federal or provincial rule, but you're now allowed to put more down on your vehicle than what you owe per month.
For example, if you have that eight-year financing plan (at whatever %, mine's at 0%)... you can put down a large chunk whenever you want and pay it off much quicker.
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I'm not positive, but if you are referring to the ability to repay your financed amount at a faster rate than what you signed up for (i.e. you want to pay $500 a month on your $300 a month car loan), it is called an 'open' loan.
I believe that all car loans in Canada are open.