Auto loan lump payment and keeping auto loan term

[Anonymous]

I have an auto loan for 36 month. I would like to keep it as long as possible. From the other hand I would like to pay minimum interest .

I can payoff right away but it will mean that the life of a auto credit will be small.

So, I think to pay 30% first month, 30% second month, 30% third month and minimum payments for the rest.

Should I pay 30% at once or multiple (like 10-11) required payments same day or every day?

I afraid that one lump sum will reduce my 36 month to something like 20...

Is there any way to extend the payments with minimum spent on interest?

[Appleman]

First question would be why do you want to keep the auto loan for a long time?

Is it to have a variety of credit types or show a payment history?

[Anonymous]

To keep healthy credit history and have best rates for mortgage in future.

[Appleman]

I believe you can the same benefit from a share secured loan (search for it on this site).

Basically, you make a deposit and take out an installment loan against your deposit. Some places allow you to pay back a bulk of the balance and keep paying a small amount to have a diverse trade line on your reports.

If your interest rate is low on the auto I would not see an issue with paying a chunk of it and having it paid off in a year.

Good luck

[Anonymous]

Appleman, thank you.

I already have share secured loan. Last payment left. Does amounts matter? My share secured loan is $500, auto is much more. It looks kind of weird for me if $500 share secured loan can help get good mortgage rates.

Any negative impact for early auto loan payoff?