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Pay off auto loan? Or not to pay off auto loan?

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wsmitty
Member

Pay off auto loan? Or not to pay off auto loan?

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.
Message 1 of 3
2 REPLIES 2
Tuscani
Moderator Emeritus

Re: Pay off auto loan? Or not to pay off auto loan?

It probably won't make a difference either way.
Message 2 of 3
Anonymous
Not applicable

Re: Pay off auto loan? Or not to pay off auto loan?

It probably wont make a difference, but I would pay it off anyways. I just love paying things off. Smiley Happy
Message 3 of 3
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