Jump to content

Need auto loan advice

Recommended Posts

I recently obtained an auto loan from CitiAuto and need some advice to help maximize the good effects on my score. My exp score is currently 565

Here are the details:

-Balance of $16,349

-Current Monthly payment of $331 72 month term

-I've got about 6 months of on time payments so far

I would like to pay this off early, though I know I want at least two years of payment history, but would three years be better? And would paying down the premium now be beneficial? How much can I expect this boost my credit score over the next year? I'm new to this so any advice and guidance would be greatly appreciated!

Link to comment
Share on other sites

On installment loans, the longer you pay according to terms, the better. Scoring programs love to years of on-time payments. But put this in context with the rest of your life. If you will save $ by paying off the loan early, by all means pay away and save other strategies for improving your credit. If you don't save money, then follow the terms as usual. JMO

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.