<prompt> Human: Hey Reddit,Ive been a long time lurker here and I am seeking some advice. My wife and I both have an auto loan that we are currently paying off totaling about 22,000. Between the two of us we make roughly 110,000year. The car is our only source of debt other than our mortgage. My question is whether or not it is better to make large monthly payments on the loan to pay it off, or to save up the 22,000 we owe and then pay it off in one large payment. We can afford to make large monthly payments if needed, but we can also afford to funnel our extra money into savings and pay off the car within a few months. What do you guys think?  <response>: Accelerate the loan payments and avoid the interest charges. 