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What should i do

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7PM789
Frequent Contributor

What should i do

I received a 60 month auto loan set at 0% apr , I'm ahead on my payments but I am beginning to wonder if it would be wise to carry the loan for the full 60 monthes to have it on my report longer rather than pay it off early. Any advice?
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Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: What should i do

If you plan on keeping the car for the full term I don't see why you shouldn't carry it for the full 60 months, definitely since you have 0% interest accumualting on the car.

 

From what I read around here despite being paid off or not the loan will still appear on your CR as an installment loan long after its paid off.

Message 2 of 3
Creditaddict
Legendary Contributor

Re: What should i do

If it's 0% and you don't need to purchase something major like another car or a mortgage, etc.

The reason to pay off early would only be because you need to remove the debt / monthly payment that brings your uti to high to be approved at best rates.

Message 3 of 3
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