It’s paid for!

I looked into it. I don't get a discount if I pay off the truck early, or add money to the principal. The interest on the loan stays the same, even if I pay it off early. On the plus side: There's no penalty if I do pay it off early.

My credit score is already in the 800's, so it won't help me (much) if I keep up the payments, and it won't hurt my credit score if I pay it early and close that account.

 

That’s still a payment, only front-loaded

 

Same here, good move on our part.

 

Actually the paying off of the loan ahead of time is a savings as you do not pay the unearned interest (payment $400 for 20 months =$8000) early pay off is likely $7500. Depending on the interest rate. Of course the lower the rate the less the savings.

 

Congratulations! Been financing vehicles since 1981. None paid off early, but I paid my home off in 7 years. From all this I learned one universal truth: Once a loan is retired Karma somehow finds a way to MAKE SURE that some kind of shit happens that requires that just-liberated income.

I'd pay mine off early now that I am older, but I've got a 0% interest loan!