Re: Pay off majority of auto loan?..
08-01-2009 01:50 PM
If I were to get financing through a dealership with an outragous interest rate, and pay off the loan within 6 months to avoid paying too much interest would it still improve my situation?
NOT necessarilly. If it's a buy-here, pay-here program, they may not report to CRAs. I would check to see first. If they don't report, you could pay for 4 or 5 years, never miss a payment, and it will do ZERO for your credit rating.
Also, everything else being equal, the longer you pay on a loan, the better it improves your credit. Good luck.
12/2012 - Discover (ICL 3,375 CLI to 5,375 05/2014)
12/2013 - Chase Freedom (ICL 3,500 ACLI to 4,500 07/2014)
03/2012 - Gander Mountain MC (WFNNB) 7,000 CL
04/2012 - Ace Rewards Visa (US Bank) 12,000 CL
Back to gardening for a year or two