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jdobbins01

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Should I pay off my auto loan?
How much does it help your credit to pay off an auto loan one year in advance of the loan maturity date?

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not as much as you might expect

Helpful to 4 out of 4 people

There won't be a drastic rise in your credit score from paying it off, but what it will do is stay on your credit report(s) as postitive credit history for 10 years. Next time you try for another loan, the bank will see how diligent you are in paying back your debts. As you keep up the good debt repayment history over the next few months, your score will start to move up quicker.

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