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paying off car loan early

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Subject: paying off car loan early

Wed Jan 27, 2010 10:04 pm

72 month car loan of 650.00
i've been paying twice the amount since i bought the car in summer 09'
will paying this off in 36 months instead of 72 help my credit and score, or hurt me and my credit/SCORE????????????????????????????

wcd579

wcd579

Joined: 26 Jan 2010
wcd579's page
Posts: 12

206 Magic Points

Thu Jan 28, 2010 1:32 am

Paying early will always help. As long as the note has long enough to get on your report (typically 6 months or longer). Looks good to a creditor to see that you have a 72 month note, and it is listed as paid in full within 36 months....

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Thu Jan 28, 2010 9:28 am

Hi Guest

Paying off your car loan earlier than it is due may help boost your score. It will decrease the money that you owe and hence improve your score. However, there are some companies who may charge a penalty if you pay off an auto loan early.
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debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 594

99 Magic Points

Thu Jan 28, 2010 9:52 am

I should definitely have a positive impact on your credit report as well as your score. And it will look good to lenders who you are seeking credit from in the future also.

cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

Subject: well acutally

Fri Jan 29, 2010 11:14 am

Actually having this loan that you pay on time is actually boosting your credit history. So now your score is helped but later when you have no loan, it will not help. But you are saving tons of money,so I say excellent plan.
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