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Loan Payoff question

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TeddyKG
Valued Member

Loan Payoff question

I have two personal loans outstanding

 

1) Balance $1,700 ...30 payments made...6 payments left ...payoff amount is $1,620

 

2) Balance $4,300 ...20 payments made...16 payments left...payoff amount is $3,950

 

 

I want to payoff one of them, obviously I save more by paying off #2 but does this in any way hurt my score? Never late on either loan

 

What would you do, payoff one or continue paying out both on a timely basis?

 

Thank you

 

 

Message 1 of 3
2 REPLIES 2
dursty87
Established Contributor

Re: Loan Payoff question

I don't think paying them off will hurt you. I'm one for saving as much money in interest as possible so I would pay off #2 if possible.
Message 2 of 3
TeddyKG
Valued Member

Re: Loan Payoff question

My thinking was to pay #2 off and finish paying out the next six monthly payments on #1

 

thanks

Message 3 of 3
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