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Posted in Auto Loans
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Question By
Britgur

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If pay my car loan off earlier will I boost my credit score more?

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Top Contributor
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No it will not. Actually, your scores will most likely decrease when you pay off the loan because you will be closing a line of credit. Do some reading on credit topics, it would be helpful to you.

Top Contributor
9939 Contributions
4252 People Helped

Although this is a personal choice.  I just bought a car and have a low interest rate on it and my goal is to have it paid off long before the 6 years of the contract.  This will occur after I have my credit card bill paid in full.  Why would I do that?  Because I do not want to be carrying a bill for years.  I won't put money into a savings account because those pay less money than the loan interest.  So., because I should be able to comfortably pay it off sooner than scheduled (providing Murphy's Law does not act up), I will actually be making money on  the deal.

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