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Posted in Auto Loans
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erikawhite8

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Paying Down my auto loan
I have a current auto loan thats balance is about $7500. I want to pay a chunk ($2-$3k) when I get my income taxes to pay it down so I can pay it off faster. Will this hurt or help my credit score. Do I need to specify to the auto loan company that my intention is to pay down the principle so they don't apply to the next few months payments?

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In general, paying down the loan should help your score, but since there are many factors to your credit score it is impossible to say for sure without seeing your full credit report.  Review the Articles on the left menu bar regarding credit scores, or go to myfico.com for info.  Most definitely tell the auto folks to apply the excess to principal or they may apply to future payments, and check your balances very carefully after you make the payment to ensure they did what you asked.  Congrats!!

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