Can I pay off a car loan early, or do I have to make monthly payments for the next 5 years?

I am paying off a 5-year car loan with monthly payments of $400. Can I pay off the loan early or do I have to pay this monthly amount for the next 5 years? 

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January 2018

Madison, John

Ashland, VA
67% of people found this answer helpful

Every time of automobile loan that I'm aware of allows for prepayments. Review your loan documents and it should be clearly stated.

Retiring debt early is a great way to free up cash flow and build wealth! If you can pay extra each month toward your outstanding balance, I hope you'll take advantage of it.

Best of luck!

January 2018
January 2018