Pay off current auto loan or wait

[dtown66]

I have a car i ordered, but it will not be available until this time next year. My question is i currently ave 2 auto loan balances ($3700 & $14000) both of these loans are less than 1 1/2 years old. I can easily pay them off within the next month or 2. Should i pay in full to save the low interest (3%). Or should i pay in full a month or so before i purchase my new vehicle.. Not sure if paying off early will lower my score and show no recent auto history length...please advise... All 3 scores over 740..

[ridgebackpilot]

You can pay them off whenever you want and it shouldn't have much affect on your credit score. You may see a temporary reduction in score but it likely won't last long.

Regardless of when you pay your current auto loans off, they'll stay on your credit reports. So when you're ready to buy your new wheels, you'll get credit for paying off your previous loans.

Your scores are high enough to qualify for Tier 0 (best rates) auto financing, so I wouldn't worry no matter what you decide to do.

[Bogey1975]

EV Hummer?