09-29-2013 10:30 PM
Currently I'm in a bad auto loan....
60 mo at 12%.
How does it look to other auto lenders if I pay it off in 48 months opposed to 60?
I will save a lot in interest!!
I cannot Refi because currently I am unemployed.
09-30-2013 02:44 AM
Non-issue, if it saves you money, do it and future auto lenders won't care at all. 48 months is a nice auto tradeline from a credit report perspective and there's all sorts of reasons people pay off their auto loans faster than the stated term.
Only caveat, my having been out of work for an extended period previously, don't pay more to any given loan than you can reasonably expect to afford during your unemployment. There are worse things than being stuck on a 12% car note financially.
09-30-2013 11:38 PM
My general advice is to put as much as possible towards a loan like this.
With unemployment I don't think that is the best option. Unless you are okay unemployed and have other means to subsist. I don't suggest putting too much towards the loan.
10-01-2013 08:44 AM
I recently refi'ed both my car loans, both was in the 13% range, didn't have an issue doing either one
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.