This simple step can cut the life of your loan by several months or even years, saving you a substantial amount in interest charges. If you have a windfall from a work bonus, tax refund or other source, consider using it to pay down your loan balance early. However, before you do this, check the fine print on your loan agreement to be sure there is no prepayment penalty. https://easzfin.com/what-happens-when-you-miss-a-loan-payment/