Level 15

Other financial discussions

You'll have to talk with the lender about that, as it depends on the terms of your loan. I seriously doubt however, the lender will do that. But if your payments are only $300 a month, if you pay more than that each month the  additional amount will reduce the principle by that additional amount, resulting in less of each payment going towards the interest, more going towards the principle, and you'll pay off the loan that much faster and sooner.