Getting a secure installment loan today....Does the amount affect my score ?

[tussking]

Trying to decide the amount to deposit for my loan...Does it matter the amount (the more the better?) and how long should I get it for ? The offer 6-9-12-24 months.

Thanks Happy holidays to all !

[Anonymous]

The amount does not matter in affecting your score. Most recommendations I've read say to do 12 mos.

[Anonymous]

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@tussking wrote:

Trying to decide the amount to deposit for my loan...Does it matter the amount (the more the better?) and how long should I get it for ? The offer 6-9-12-24 months.

Thanks Happy holidays to all !

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Makeit  for the smallest amount they will do. Length would really depend on your long term plans and goals. If an auto loan is not planned for in the next 6-12 months, then go for the 24 month length.

@FYI, SDFCU will go 36 months on a $500 secured loan @3.99%. Total cost of the loan is about $45, and payments are under $15. You can use the loan proceeds to secure a CC as well, if you need a third revolving account.

[olehammer]

I have a 24mo with SDFCU. Recently I paid it down $150 but it only pushed the next $21 payment to February. I'm in the process of shifting over to Alliant CU for a 5 year loan and pay it down to 10% util.. I've heard prepayment there pushes out next due date all the way. I want to make sure that we have an open installment loan we the car is paid off in June of next year.