Just thought I would throw this out there because I made this mistake before on a loan. If you opt to pay more on your loan make sure you let them know it is on the principle of the loan. I paid almost a whole extra payment one time and did not specify this and they just tacked it onto my next months loan payment which is not what I was looking to do.

This really depends on the institution though, sometimes those principle payments can be tied with fees that make it a better bet to apply it to the next month's payment.

Well that is true. But it wasn't the case where I had my loan. I just wish I would have known this before I did it. Oh well, you live and learn.

Also watch out for overpayment fees - some lenders will charge a fee if the loan is paid off quicker, so take care to ask about that before signing up as well.