Car Loan Prepayment Calculator Ireland

Take Control of Your Car Loan — Save Time, Save Money

Car loans are a big commitment. Use this tool to see how a lump sum or small extra monthly payments can slash interest and shorten your term — tailored for Irish lenders.

👉 Calculate My Savings Now

🔢 How It Works

Enter your current loan details and a prepayment (lump sum or recurring extra). Choose whether to keep EMI or tenure fixed — we calculate the rest.

Your Results

New EMI (if tenure unchanged)
€606.32
Reduced Tenure (if EMI unchanged)
32 months
Total Interest Saved
€708
New Payoff Date
June 2028

Interest Comparison:

📊 Compare Scenarios Side-by-Side

See “Without Prepayment” vs “With Prepayment” clearly — tenure reduction, EMI changes, and total interest saved.

Original Loan (Base)

  • EMI: €622.76
  • Months left: 36
  • Total interest remaining: €2,419
  • Payoff date: Oct 2028

Prepayment Scenario

  • EMI: €622.76
  • Months left: 32
  • Total interest: €1,711
  • Payoff date: Jun 2028

Total Impact

  • Interest saved: €708
  • Time saved: 4 months

Tenure Comparison

Note: Initial results based on default values (Lump Sum of €2,000, keep EMI fixed) - click 'Calculate Savings' after entering your own data.

💶 Ireland-Specific Information

Common Lenders

  • AIB (Allied Irish Banks)
  • Bank of Ireland (BOI)
  • Credit Unions (Often most flexible on early repayment)
  • Permanent TSB (PTSB)

Prepayment Fees & Rules

Early settlement is generally allowed under Irish law. However, banks may charge a small **compensation/admin fee**, usually equivalent to 1 or 2 months' interest on the amount repaid early. **Credit Unions** often allow fee-free early repayment.

Smart Strategy

Always check if your loan APR is higher than what you could earn by investing the cash. If your APR is high (e.g., 8%+), prepayment is usually the best financial move. This calculator helps determine if your savings outweigh any penalty fees.

Compare Interest Rates • Check Eligibility • Explore Refinancing

📘 Why Prepay Your Car Loan?

Prepayment means paying extra on top of your regular EMI. It can be a one-time lump sum (from a bonus, savings, or tax refund) or a recurring extra payment (€50–€100+ monthly). Both immediately reduce the principal balance, which is the key to massive interest savings.

Pros of Early Repayment

  • Maximises interest saved over time
  • Become debt-free faster
  • Reduces financial obligation/stress
  • Flexible — choose amount & timing

⚠️ Cons & Alternatives

  • Possible early-settlement fee (check loan T&Cs)
  • Cuts your immediate cash buffer/emergency fund
  • Alternative: Refinance if rates are lower elsewhere

❓ Frequently Asked Questions

1) Can I prepay partially or fully?

Yes. Partial prepayment reduces the principal balance, while full prepayment clears the loan early, making you debt-free. Your lender will issue a 'settlement figure' for full repayment.

2) Is there a penalty for early settlement in Ireland?

Many Irish banks may charge a small administrative or compensatory fee for early repayment. However, **Credit Unions** are generally more flexible and often allow penalty-free early repayment, which is a major advantage.

3) How much interest will I save?

The amount saved depends on the outstanding balance, the APR, months remaining, and the size of your prepayment. The calculator above provides an accurate estimate based on your exact figures.

4) Should I reduce tenure or EMI?

**Reduce tenure** to maximise savings (best financial option). **Reduce EMI** to ease monthly cash flow (best budget option).

Visit Our Full FAQ Hub

Make Smarter Loan Decisions

Use the Car Loan Prepayment Calculator Ireland to find the best approach for your budget — and potentially save thousands.

👉 Try the Calculator & Save Now