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Posted in Auto Loans
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Question By
eddieburtes

1 Contribution
15 People Helped
MULTIPLE CAR PAYMENTS
I JUST GOT APPROVED FOR A NEW CAR LOAN, MY PAYMENTS ARE 588.00 P/M, MY FIRST PAYMENT DUE ON 7/18/13, IF I PAY 4-5 MONTHS OF PAYMENTS IN ADVANCE WILL IT IMPACT MY CREDIT RATING/SCORE IN A POSITIVE OR NEGATIVE WAY

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Top Contributor
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No impact

It will only go as 1 on-time payment, just as if you payed the standard payment. There won't be any positive or negative effect on your credit from doing that. I would only suggest paying a lot into it to pay it off quicker if you can pay it off VERY early. Like with at least half the term left, plus you'd still want to make sure you have money aside for a rainy day, save for retirement, etc.

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