Both my parents and my wife’s have paid off their auto loans early to save a ton on interest. Now we get to join the club. Thanks to my wife’s $4,872 ($2,255.97 net) quarterly bonus and our accelerated payments, we just paid off the 6.5% auto loan on our 2006 car. The loan was originally scheduled to be paid off April, 2012 and at the beginning of 2009 our balance was $15,586.49. It feels great to have this paid off early. We now have $450 a month to save and/or invest.