Skip to main content
All CollectionsDeferred Payment Option
Can I pay off the Deferred Amount early?
Can I pay off the Deferred Amount early?
Updated over a week ago

There are no penalties for paying off the Deferred Payment sooner. Tenet allows you to pre-pay towards the final deferred payment at any time during the loan term without any prepayment penalties. This means that you can pay off the Deferred Amount as soon as you are able to and do not have to wait until the end of the loan term. For example, if you are due to receive a tax credit or an incentive from an Electric Vehicle purchase.

When you pay down the Deferred Payment early, you will no longer continue paying interest on the Deferred amount. Your monthly payment will remain the same (Monthly Payment already reduced by taking advantage of The Deferred Payment Loan Option prior to funding Loan), but each month, more of your same monthly payment will go towards your principal, and a lesser amount of it towards your overall interest. This then lets you pay off the loan faster.

For example: Lets say your Monthly is $500/Month, and by paying off the Deferred Early, you saved yourself $1,500 in interest, you would then reduce your loan term by 3 Months.

How do I pay off the deferred portion of my loan principal?

In addition to your monthly payments, you can make extra one-off payments from your Tenet Dashboard the same way you normally Make Payments. By checking off, Apply this payment to my remaining principal balance your payment will go towards your loan principal, and will be prioritized towards the amount that is deferred.

Would you like to know more?

Did this answer your question?