Valued Contributor
Posts: 1,900
Registered: ‎01-05-2010
Car installment loan

A little over a year ago my new Toyota was financed by the company's own loan department. I would soon like to pay off most of the remaining principal, but wonder if the number of monthly payments left can be kept the same and any future monthly payment can be reduced accordingly rather than keeping each monthly payment the same and reducing the number of monthly payments left. My understanding is that once you finish paying off the loan, your score drops a few points.