car loan pre-payment

Discussion in 'Credit Talk' started by Ellen, Apr 10, 2002.

  1. Ellen

    Ellen Active Member

    So, now I have a two year $5000 car loan from a CU. It's my only installment loan other than one from a financing company 4 years ago. (I might try diputing the financing company off soon.)

    My question is -- would it look better if I took the whole 2 years to pay it off? I think that if I pay it off too soon, it won't have the most positive effect on my scores. Does anyone know definitely whether letting it go the full 24 months would be better than paying it off in 12?

    TIA

    ellen
     
  2. sam

    sam Well-Known Member

    probably wont matter much score wise, however a real finance officer reviewing your credit would probably not consider 12 months a long term installment payment..
     

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