My SO has had a loan with Nissan Credit for a used Nissan Leaf. It was a zero percent loan for 60 months but we had it paid down to $100 at 24 months and left the $100 balance on there for a while. I finally decided to just pay the darned thing off. Experian just reported the payoff and it was a 7 point hit. There is a mortgage that's been in place for about five years that's paid down from 500K to 470K so there is an installment loan open and reporting.
So there is still some hit even with a high score and with a mortgage, but not the 20 points often seen.
Even if it were a 50 point drop, I would still rather have the loan paid off. In general, paying off debt is always better. I know I’ll get pushback from score maximizers, but that’s my thought.
Congrats on paying it off!
I just paid off two auto loans one today and one 2 weeks ago.
I also have a mortgage, will see what happens.