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I have an auto loan for 36 month. I would like to keep it as long as possible. From the other hand I would like to pay minimum interest .
I can payoff right away but it will mean that the life of a auto credit will be small.
So, I think to pay 30% first month, 30% second month, 30% third month and minimum payments for the rest.
Should I pay 30% at once or multiple (like 10-11) required payments same day or every day?
I afraid that one lump sum will reduce my 36 month to something like 20...
Is there any way to extend the payments with minimum spent on interest?
First question would be why do you want to keep the auto loan for a long time?
Is it to have a variety of credit types or show a payment history?
To keep healthy credit history and have best rates for mortgage in future.
I believe you can the same benefit from a share secured loan (search for it on this site).
Basically, you make a deposit and take out an installment loan against your deposit. Some places allow you to pay back a bulk of the balance and keep paying a small amount to have a diverse trade line on your reports.
If your interest rate is low on the auto I would not see an issue with paying a chunk of it and having it paid off in a year.
Good luck
Appleman, thank you.
I already have share secured loan. Last payment left. Does amounts matter? My share secured loan is $500, auto is much more. It looks kind of weird for me if $500 share secured loan can help get good mortgage rates.
Any negative impact for early auto loan payoff?