topic Re: The final countdown… in Auto Loans

The final countdown…

Beefy1212 — Fri, 15 Aug 2025 00:55:17 GMT

Success post okay here?
First time ever paying an autoloan to completion...

72 month loan paid in 38.

Now to stay strong and not talk myself into an 80k replacement like I want to do lol.

Re: The final countdown…

Vinjints — Fri, 15 Aug 2025 01:01:09 GMT

That's great. No more payments on the ride and you did it in half the time. Enjoy it!!

Re: The final countdown…

FlaDude — Fri, 15 Aug 2025 03:31:06 GMT

Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.

Re: The final countdown…

Beefy1212 — Fri, 15 Aug 2025 16:31:14 GMT

@FlaDude wrote:
Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.

It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.

My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.

Re: The final countdown…

dfwxjer — Fri, 15 Aug 2025 16:51:17 GMT

Congrats! Finances over FICO any day!

Re: The final countdown…

Thomas_Thumb — Mon, 01 Sep 2025 15:00:34 GMT

@Beefy1212 wrote:

Success post okay here?
First time ever paying an autoloan to completion...

72 month loan paid in 38.

Now to stay strong and not talk myself into an 80k replacement like I want to do lol.

Congrats.

I'd keep the paid off vehicle to past the original 72 months. It has already suffered from depreciation. Enjoy the lack of payments and put the savings toward a new car fund.

Re: The final countdown…

Horseshoez — Mon, 01 Sep 2025 23:42:33 GMT

@Beefy1212 wrote:
@FlaDude wrote:
Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.

It depends; if you have an account with the likes of PenFed or NFCU, you can open an SSL with no hard pull. Yes, you'll lose a point or two for the new account and age of credit, but I believe in most cases that is made up many times over by keeping your bonus points intact.

I'm about 14 months away from paying off my Tacoma, and were it I did not have a mortgage, I would definitely open up an SSL.

Re: The final countdown…

pizzadude — Wed, 03 Sep 2025 17:37:44 GMT

Congrats on the loan payoff ! Not having a car payment is a great feeling

Re: The final countdown…

Beefy1212 — Wed, 03 Sep 2025 23:58:37 GMT

@Thomas_Thumb wrote:
@Beefy1212 wrote:

Success post okay here?
First time ever paying an autoloan to completion...

72 month loan paid in 38.

Now to stay strong and not talk myself into an 80k replacement like I want to do lol.
Congrats.
I'd keep the paid off vehicle to past the original 72 months. It has already suffered from depreciation. Enjoy the lack of payments and put the savings toward a new car fund.

Yea... but I want a different interior and power train.

i also didn't buy "new" truck is currently about 50% what I paid and 8 years old keeping it another 3-5 years will likely see it loose even more value and then I will be buying from scratch and not have the trade-in.

The only reason to wait for me is I recognize it is a want, not a need

Re: The final countdown…

Beefy1212 — Thu, 04 Sep 2025 00:07:13 GMT

@Horseshoez wrote:
@Beefy1212 wrote:
@FlaDude wrote:
Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.
It depends; if you have an account with the likes of PenFed or NFCU, you can open an SSL with no hard pull. Yes, you'll lose a point or two for the new account and age of credit, but I believe in most cases that is made up many times over by keeping your bonus points intact.

I'm about 14 months away from paying off my Tacoma, and were it I did not have a mortgage, I would definitely open up an SSL.

Like I said I have considered it, but again the ssl loan is going to lower my average age of credit, and take a hit on loan utilization regardless of whether I got a hp from it. Also if I am not mistaken PenFed has a new minimum payment on SSL loans. I don't have a Navy Federal account either.

loan posted today -12eq -25tu -19ex still above 760 on all my f8's. I might get 12-13 points back and that really isn't going to change my credit rating to a computer and a loan officer is just going to see you have a new loan

Re: The final countdown…

TrapLine — Thu, 04 Sep 2025 00:44:34 GMT

@Beefy1212 wrote:
@FlaDude wrote:
Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.

Do confirm all that you said. Paid off a home loan and auto loan. Major credit hit. Then took another auto loan and it helped but due to all that you said in the end, I question the benefit?! Unreal ...

Re: The final countdown…

Beefy1212 — Thu, 04 Sep 2025 01:01:17 GMT

@TrapLine wrote:
@Beefy1212 wrote:
@FlaDude wrote:
Congrats on the payoff! Is that your only installment loan? If so, you'll lose a few FICO points in the credit mix catagory.
It was my only active, I will "lose" a few points but it won't change my credit rating and you don't really lose points, you lose bonus points. If I were to get another installment loan to preserve points I am just going to lose those points to a hp, age of credit, and possibly amounts owed in relation to starting amount anyway.
My current f8 is around 790, and auto scores around 830s so losing a few bonus points is not going to kill me.
Do confirm all that you said. Paid off a home loan and auto loan. Major credit hit. Then took another auto loan and it helped but due to all that you said in the end, I question the benefit?! Unreal ...

Yea... to be honest it is fairly marginal, SSL loans are a gimmick that works on young and thin profiles... did you already have accounts that satisfy credit mix? No benefit. Would the new account lower average age of credit? A negative. Do you not have access to a loan that allows you to pay it 90+ percent down without advancing the loan maturity? Likely a negative most of the time you will have it.

I took a 12 point loss on eq 19ex 25tu yes tu might benefit from taking out a P loan but the other 2 CRA didn't see a big enough drop to have points to even regain that it is even worth the effort.

Honestly would rather take the 18ish average point loss and let the next autoloan just make up the difference. I am curious to see the drop on the auto enhanced scores when they update on the 12th, but again they were in the 830-850+ range unless I took an 80+ point drop I doubt it would matter.

Re: The final countdown…

TrapLine — Thu, 04 Sep 2025 06:44:27 GMT

@Beefy1212

Going beyond credit scores ... noticed you have a very good card line up that covers most anything

Re: The final countdown…

Beefy1212 — Thu, 04 Sep 2025 14:17:38 GMT

@TrapLine wrote:
@Beefy1212

Going beyond credit scores ... noticed you have a very good card line up that covers most anything

lol thanks I also have a freedom flex I should prolly update my sig with at some point and some day will likely add a travel card likely the USB ALT Reserve I really like the 4.5x mobile wallet you can redeem for travel and dinning especially with the sapphire nerfs that recently came out.

/edit never mind just realized the BAR is gone and nerfed for existing holders. More of a road tripper than "traveler" anyway and I already get 5% dinning.

Re: The final countdown…

Thomas_Thumb — Sat, 06 Sep 2025 18:04:36 GMT

A Daytripper perhaps.

Re: The final countdown…

Beefy1212 — Sat, 06 Sep 2025 18:50:02 GMT

@Thomas_Thumb wrote:
A Daytripper perhaps.

Daytrip? You mean like to Costco? With the 36 gallon tank I have, I can get 750-850 miles before I need to pull out the 5% gas card, though knees, back and bladder usually determine the first stop.

My last real big road trip was was Oakland to OKC via I-40 with a pit stop in the Grand Canyon.The look on my godsons face when he realizes we are not in fact staying at the gas station for the rest of the night…

My last big trip I went lazy 7 day cruise in Alaska turns out a week at sea with an open bar is fun too.

I think my godson liked it a bit more than me though