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When to pay off a loan?

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Anonymous
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When to pay off a loan?

I have a car loan which the loan company is supposed to be reporting to EQ. I have not checked lately to see if they have.
However, my balance has dropped below $1000. Should I keep paying it monthly until it is done, or should I just pay it off now.
Which is better, to have the 3 more months of good payments, or a zero balance? Or does it really make that much of a difference? Thanks, Jay

Message Edited by Carthoris on 07-25-2007 11:25 AM

Message Edited by Carthoris on 07-25-2007 11:26 AM
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: When to pay off a loan?

how long ago was this loan opened?
 
Message 2 of 5
fused
Moderator Emeritus

Re: When to pay off a loan?



Carthoris wrote:
I have a car loan which the loan company is supposed to be reporting to EQ. I have not checked lately to see if they have.
However, my balance has dropped below $1000. Should I keep paying it monthly until it is done, or should I just pay it off now.
Which is better, to have the 3 more months of good payments, or a zero balance? Or does it really make that much of a difference? Thanks, Jay

Message Edited by Carthoris on 07-25-2007 11:25 AM

Message Edited by Carthoris on 07-25-2007 11:26 AM

Pay it!
Message 3 of 5
Anonymous
Not applicable

Re: When to pay off a loan?

I agree, pay it off completley.
Message 4 of 5
Anonymous
Not applicable

Re: When to pay off a loan?

It is just over 2 years old, but the current company I am paying has had the account since last December. I keep telling them to report me to the credit companies, I hope they have by now.
Message 5 of 5
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