Hi,
I have an auto loan for $28500 opened October 2005. Today theres a $997 balance left on that loan and I plan to apply for a new auto loan or lease in the next few days.
Is it a good idea to pay off my current auto loan before I apply for the new auto? Or should I apply first then pay off the current auto loan?
I ask because I want the highest score possible when I apply for the new auto. Would closing this account hurt my score? Any advice is appreciated, thanks.