You may find that part way through repaying your loan, you have enough money to pay off the whole amount owing in one go. If so, you could be entitled to a rebate of some of the charges you would have paid over the rest of the life of the loan. It depends on the type of agreement you have with the lender. It can sometimes cost more than you expect to settle up early. Even so, settling early will cost less than carrying on with the repayments plus interest for the full length of the loan.