Exactly how much will a paid auto-loan help my credit?

[Anonymous]

Hello, I have a auto-loan that will be paid off in about a years time, I have been paying it on-time and never missed a payment. I was just wondering exactly how much of a effect will it be when I make my last payment. Thanks

[fused]

Is this the only open installment loan you have? If yes, your scores might go down or pretty much stay the same. It's very unlikely your scores will improve.

[Anonymous]

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@fused wrote:

Is this the only open installment loan you have? If yes, your scores might go down or pretty much stay the same. It's very unlikely your scores will improve.

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Oh wow, haha. Yeah, it's the only installment loan I have on my credit, other than my credit cards (which are all good also). So paying off the loan really does not much? Does that mean I might as well trade the car in if I am planning to purchase a new one? What would be the best course of action if I am ready to move on to a new car? Thanks

[Anonymous]

Credit card accounts are not installment loans.  Installment loans require you to pay a pre-determined, exact amount each month for a set period of time.  Examples: car loan, student loan, mortgage.

[Anonymous]

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@Anonymous wrote:

Credit card accounts are not installment loans.  Installment loans require you to pay a pre-determined, exact amount each month for a set period of time.  Examples: car loan, student loan, mortgage.

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Yeah, I know. I was just pointing out that I have other loans on my credit (non-installment). So one finished installment loan won't really help me huh? lol

[gmanuel71]

I got a 45 point jump when I paid mine off.