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Frequent Contributor
phillyguy12
Posts: 327
Registered: ‎03-16-2011

Early payoff

I got a new car back in 11 I was shocked when I qualified for promo financing cause my reg fico was only around 660,but auto enhanced was 719, 2 past auto loans 1  with 2  30 day lates,  so I took the promo rate of 0.9% for 5 yrs.  Anyone know if paying an auto loan off early has any neg effect on auto enhanced fico or does it help it, or no effect, because I am considering paying it off in the next yr or 2 but have 3 yrs remaining. I know there is no prepayment penalty i plan on keeping the car for awhile but don't want to hut my chances at future promo financing rates. i would just like to not have a car payment sooner rather than later


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Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Early payoff


phillyguy12 wrote:

I got a new car back in 11 I was shocked when I qualified for promo financing cause my reg fico was only around 660,but auto enhanced was 719, 2 past auto loans 1  with 2  30 day lates,  so I took the promo rate of 0.9% for 5 yrs.  Anyone know if paying an auto loan off early has any neg effect on auto enhanced fico or does it help it, or no effect, because I am considering paying it off in the next yr or 2 but have 3 yrs remaining. I know there is no prepayment penalty i plan on keeping the car for awhile but don't want to hut my chances at future promo financing rates. i would just like to not have a car payment sooner rather than later


Pay it off, you'll be fine.  Then sock away the money towards a down payment.  Also, see what you can do to get in with Penfed.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL


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