Auto loan early payoffs are very possible. Almost every finance companies offer this option built in to the original loan or sale agreement. Most financial institutions do not charge penalties and you end up saving quite a nice sum.
When you buy a car they base your monthly payment on the principle plus interest accrual for the entire length of the loan. If you decide to pay the loan off early they will recalculate your total...
You can pay off any loan early, there are no specific early payoff loans. Places that offer auto loans include Capital One, Chase, Bank of America, Wells Fargo, and e-loan.
The biggest advantage to an early auto loan payoff is that you will save yourself a ton of money in interest. The more you can pay early will go to the principal, thus lowering your overall interest....
Some auto loan companies charge document prep charges or application fees for an auto loan early payoff. You may be able to find companies that do not charge any fees though.
The most common answer is to add additional monies to your monthly payment. The more you can add the faster you can pay down the loan. Make sure you include instructions each month to the mortgage...