The first thing you should look at is your loan agreement, which should have details on prepayment penalty. Also look at how your interest is calculated. Instead of having a pre-defined prepayment penalty, you loan can also be structured so that your payments go towards the full interest amount over the full payment period first, before applying to the principal amount. In this case, you will not be able to save on interest payment even if you pay back the loan early. To be certain, it is best to talk to your lender and ask about any prepayment penalty on your loan.
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