Should I pay it off?

[SMikulski49]

Hey guys and ladies, I have a car loan and I am not sure if I should just pay it off or let it sit on my account. I have been paying more each month and I am down to $1,500. When I go online and check my account, it says my next payment of $250 (which was my original monthly payment) is due 11/30/2017. That’s like 1.5 years from now. I read that when paying of a car loan the score can drop, so I was wondering if I should pay it down to like $500 and just let it sit there for the next year since my next payment is not due for a while. Will the interest start accumulating from the $500? What would be my best course of action here?

Thanks in advance

Here is a little info about my loan:

Loan Origination Date	2/20/2012
Original Loan Amount	$17,118.39
Interest Rate	2.900 %
Loan Term	75 Months
Maturity Date	5/31/2018
Months Remaining	7 Months

[nycplayboy78]

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@SMikulski49 wrote:

Hey guys and ladies, I have a car loan and I am not sure if I should just pay it off or let it sit on my account. I have been paying more each month and I am down to $1,500. When I go online and check my account, it says my next payment of $250 (which was my original monthly payment) is due 11/30/2017. That’s like 1.5 years from now. I read that when paying of a car loan the score can drop, so I was wondering if I should pay it down to like $500 and just let it sit there for the next year since my next payment is not due for a while. Will the interest start accumulating from the $500? What would be my best course of action here?

Thanks in advance

Here is a little info about my loan:

Loan Origination Date	2/20/2012
Original Loan Amount	$17,118.39
Interest Rate	2.900 %
Loan Term	75 Months
Maturity Date	5/31/2018
Months Remaining	7 Months

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PAY IT OFF NOW!!! I am of the philosophy of getting rid of debt..Yes your scores will drop a little but in the long run you have extra money in your pocket to do whatever you want and also you know that you have that debt of a car payment to no longer worry about...Food for thought....

[Anonymous]

Get it down to like 100 bucks and auto pay 10+ dollars a month till you pay it off so it stays open longer, why not?  You paid most of the interest at this point, In the grand scheme of things it probably won't affect you either way, but for me I would leave it open so it lasts a year longer on your report 10 years from now.

[Anonymous]

Pay it off.. Not worth holding unto.

[SMikulski49]

Thanks everyone. I was thinking of keeping it as long as I can so it stays on my credit profile for a while but I might just pay it off and not worry about it anymore

[Cellice]

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@SMikulski49 wrote:

Hey guys and ladies, I have a car loan and I am not sure if I should just pay it off or let it sit on my account. I have been paying more each month and I am down to $1,500. When I go online and check my account, it says my next payment of $250 (which was my original monthly payment) is due 11/30/2017. That’s like 1.5 years from now. I read that when paying of a car loan the score can drop, so I was wondering if I should pay it down to like $500 and just let it sit there for the next year since my next payment is not due for a while. Will the interest start accumulating from the $500? What would be my best course of action here?

Thanks in advance

Here is a little info about my loan:

Loan Origination Date	2/20/2012
Original Loan Amount	$17,118.39
Interest Rate	2.900 %
Loan Term	75 Months
Maturity Date	5/31/2018
Months Remaining	7 Months

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Next payment due  11/30/2017? That sounds like when you paid upfront your payment was applied to both the principle and interest. If you pay extra you should do principle only. Your due date doesnt change then. You paid them a ton of interest upfront.

[SMikulski49]

Yeah I realized that after a while when I noticed my due date did change, I paid minimum payment for the first 3 years and the past year I have been giving them bigger chunks of money. Since I do it online I just go and make a payment I did not realize my due date was changing. You live and learn

To be done with it I just paid the remaining balance and I don't have to worry about it.

[Cellice]

Call them and ask them to fix it. Your paid ahead a year. They should be able to adjust it or refund the money.

[SouthJamaica]

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@SMikulski49 wrote:

Hey guys and ladies, I have a car loan and I am not sure if I should just pay it off or let it sit on my account. I have been paying more each month and I am down to $1,500. When I go online and check my account, it says my next payment of $250 (which was my original monthly payment) is due 11/30/2017. That’s like 1.5 years from now. I read that when paying of a car loan the score can drop, so I was wondering if I should pay it down to like $500 and just let it sit there for the next year since my next payment is not due for a while. Will the interest start accumulating from the $500? What would be my best course of action here?

Thanks in advance

Here is a little info about my loan:

Loan Origination Date	2/20/2012
Original Loan Amount	$17,118.39
Interest Rate	2.900 %
Loan Term	75 Months
Maturity Date	5/31/2018
Months Remaining	7 Months

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Scorewise youre best bet is to pay down a little bit each month.