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Auto Loan payoff advice

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Minato08
Valued Member

Auto Loan payoff advice

I have had an auto loan since August of 2004. I will be able to pay it off in a lump sum this summer. There's about 7000 left to pay and the original term should take me through the next year (60months in total). The question is, will my credit benefit most from satisfying the loan, or will it be better if I continue to pay installments? Thanks
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1 REPLY 1
Anonymous
Not applicable

Re: Auto Loan payoff advice

You will lose points for not having a good mix of credit. But you shouldn't lose points for paying off a loan.

My Opinion is to pay off the loan, the interest you will pay over the next year by keeping the installments isn't worth the extra points you will keep in your credit score.
Message 2 of 2
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