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Posted in Auto Loans
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Chgarrett63

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should i split my car payment in half?
my car payment is 500. I want to pay 250 a week before due and 250 a day before due. will this help my score?

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Won't help your score that much...

From what you stated, it doesn't sound like you are paying your car off any faster. You are just making the monthly payment in two payments per month instead of one. If you paid that 250 a week before and then pay the normal monthly 500 dollar payment when it's due, you will have made six extra payments in a year and your score will go up, but not by much. Paying a loan off before the maturity date is always good for your credit HISTORY, but it won't do wonders for your score. Just keep paying on time and if you can, pay some extra to pay if off quicker.

NOTE:  If you plan to pay it off early, check your loan agreement to make sure there is no "pre-payment penalties" or "early pay off penalties" before you decide to make any changes.

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