If you have the money to pay off your loan amount before your car loan term ends, consider checking your contract if there are clauses on prepayment penalties. These are fees you could incur simply for paying your car loan off prematurely.
Why do prepayment penalties for car loans exist? Because lenders earn interest over the whole loan term. If one of their borrowers ends up paying early, they need to find a way to make up for their losses.
Note that not all car loans come with prepayment penalties. Check the loans terms and conditions to be sure.
