Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
ZachT

0 Contributions
0 People Helped
How should I pay my car off?
I recently purchased a car and opted to finance some of the vehicle to raise my credit score. I put 8k down and owe 6k (145.90/mo for 48 months at 5.99% financing). I have the ability to pay the car off right now today if I wanted to, but I'm wandering how soon should I pay it off in order to maximize my credit gains? For example should I pay it off in a year? 2 years? Also how does the whole auto loan to credit thing work? Is there a set amount of points I get after X months of paying X money?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.