So my question is i recently took out a preapproved auto loan for 20k for 60 mo., 2.99% Apr. I’m wondering if it would hurt me to completely pay off this loan in a year or less as opposed to paying off for the 60 months.
No, it won't hurt your score. If it is the only installment loan you have it will actually help better as long as it is opened with mix of credit. Once closed it doesn't help your mix of credit but will continue to help AAoA.
