Auto loan

[Anonymous]

is it not better to let it show steady payments on time every month? i really have no payment history for this reason, i always pay cash for everything.

[pizzadude]

---

@Bblack31 wrote:

---

---

If you have the money then just pay it off.  Save the interest that you would pay.  It will still be on your credit report for 10 years or so.

---

I think this is a good idea ~ I'm assuming that you'd still have several hundred dollars of interest left to pay, so you could save some money by paying it off.

[Anonymous]

yes i could save a few hunderd, but for me to build on my payment history is this not better to pay the extra 200 and help my credit history out?

[pizzadude]

---

@Anonymous wrote:

yes i could save a few hunderd, but for me to build on my payment history is this not better to pay the extra 200 and help my credit history out?

---

Personally I'd rather have money in the bank, but it's your call.   You've already got over 1 year of payment history so that's pretty good IMO.

[Bblack31]

---

@pizzadude wrote:

---

@Anonymous wrote:

yes i could save a few hunderd, but for me to build on my payment history is this not better to pay the extra 200 and help my credit history out?

---

Personally I'd rather have money in the bank, but it's your call.   You've already got over 1 year of payment history so that's pretty good IMO.

---

Agreed, 1 year and that fact that it will still be on your report is worth paying it off and saving the interest. 

[Anonymous]

I have been paying on this loan for 12 months this month, other than that my credit history has nothing. thats why i was wondering about letting it pay out.

[CreditDunce]

You can get much cheaper rates with a secured installment loan.  Check with your CU to see if they offer them.  If not look at SDFCU, etc for around 2 - 3.5%.   Basically, you give them $500 dollars for collateral.  They then give you a $500 loan.  For the next 4 years you have auto pay setup to take care of the loan.

With the money you save, you can get a secured credit card (e.g. BoA).  You will need to use the CC or at least find a small bill you can put on the card each month.  Just PIF each month.  In a year, they will unsecure the CC and let you have your money back.