Possible early loan payoff

[turnerte]

Im looking for a little input as to whether or not i should pay off my car loan early. My loan is down far enough that I could pay it off in full, or I could continue to making the monthly payment for the next 26 months. My only concern is the effect it will have on my credit score. How would closing this account that I have had since Feb 2011 effect my score? The only real limitation I have on my credit score is that my AAOA is fairly low. All other aspects are great. I want to take the track that will keep my score as high as possible. 

[Chris123nTx]

You may take a small hit to score when you pay it off, but it will recover quickly. For 26 months of debt, were it me, that debt would be go e tomorrow. I did just that a few years back when i paid my jeep off a couple years early. Think it cost me all of about 20 points or so, but no payments and debt is a much sweeter thing. Just my two cents. Of course everyone has different reports, age, other debts, bad things, and inquiries so what moves one persons score a couple points may effect others differently..still...pay it off

[azguy13]

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@Chris123nTx wrote:
You may take a small hit to score when you pay it off, but it will recover quickly. For 26 months of debt, were it me, that debt would be go e tomorrow. I did just that a few years back when i paid my jeep off a couple years early. Think it cost me all of about 20 points or so, but no payments and debt is a much sweeter thing. Just my two cents. Of course everyone has different reports, age, other debts, bad things, and inquiries so what moves one persons score a couple points may effect others differently..still...pay it off

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I had this same dilema in July. I decided that I would rather pay off the loan 3 years early and save money on the interest thank worry about any small hit to my score. Plus, I have another installment loan so this one closing shouldn't affect it too bad. 

Save yourself the money and pay it off.