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Posted in Auto Loans
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Mena6

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What happens when my car loan is paid off?

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Well, I guess your car is paid for!

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If your asking about what happens to your credit report. A lot depends on what else is on your report.

 The loan will show on your report as paid/closed and will be there and accounted for in your scores for about 8 years, after that It will remain as part of your credit history but isn't counted toward your scores. 

Good luck

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Mena6

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Thanks EddyTx. I do not have much debt and pay card balance's off each month, car loan is the only loan. I'm assuming my score will drop, you say it will count for now. Great. 

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