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Frequent Contributor
Posts: 305
Registered: ‎04-04-2014
0

Paying Off Auto Loan w/ 0% APR for 13 MONTHS | 2% BT FEE

Bank: Wells Fargo

Loan Maturity Date: 10/26/15

Amount Left on Loan: 2,676.10

APR: 12.9%

Minimum Payment: 160.00

What I've Been Paying For The Last 2 Years: 200.00+

 

Is it worth it at this point to pay off this loan w/ a great BT offer? Or will this hurt my score & profile in the long run?

I know CC history stays for 10 years after PIF and closed, are auto loans the same?

 

I hate that I've been paying this much interest for almost 4 years. Unfortunately, with a lack of loan depth in my history none of the banks I tried refinancing with would offer me better terms. I joined ficoforums a few months ago, so learning about DCU and others was a big blow.

 

Help?

EX: 804 EQ: 802 TU: 813
Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Paying Off Auto Loan w/ 0% APR for 13 MONTHS | 2% BT FEE

Your score may drop a little due to the loan showing paid/closed status. But it'll recover pretty quickly. Also your FICO may drop a little due to util. What's the total amount you have in credit limits?

 

Yes, auto loans will stay for 10 years after closed/PIF.

 

Irregardless of the above factors, I think you should BT NOW! Even if your score drops a little, it'll come back in no time and the interest you save will be well worth it.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Frequent Contributor
Posts: 305
Registered: ‎04-04-2014
0

Re: Paying Off Auto Loan w/ 0% APR for 13 MONTHS | 2% BT FEE


Remember0 wrote:

Your score may drop a little due to the loan showing paid/closed status. But it'll recover pretty quickly. Also your FICO may drop a little due to util. What's the total amount you have in credit limits?

 

Yes, auto loans will stay for 10 years after closed/PIF.

 

Irregardless of the above factors, I think you should BT NOW! Even if your score drops a little, it'll come back in no time and the interest you save will be well worth it.


Available Credit Limits: 90-100k

Amount in use: $2,000

 

I think I'll make this BT today! Thanks for chiming in!

EX: 804 EQ: 802 TU: 813
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