Early repayment charges?

I am planning on buying a new car and financing this by way of a bank or credit union loan over 4 years. However I plan to pay the balance of the loan on maturity of my SSIA account in April 2007.

I'm leaning towards a credit union loan purely on the basis that its flexible, if I want to pay extra each month or repay early there are no penalties.

If I go with a bank loan will I be penalised if I pay it off early?

With a cu loan or variable rate bank loan you can pay off as much as you like when you like. With a fixed rate bank loan you can't chip away at the loan with additional or increased payments but you can clear off the whole thing when you get a redemption figure from your bank and there should n't be any penalties.