“There are many ways to pay a loan off early without putting too much stress on your bank account. For example, you can round your monthly payment up to the nearest hundred or make an extra payment every year. But the strategy that can save you the most money is to save up until you have enough to pay the principal balance in full.
Before picking a plan to pay a loan off early, though, you should talk to your lender to make sure there is no prepayment penalty.
For more information on this topic, check out this article: How to Pay Off a Car Loan Faster. “