Need auto loan advice

[timmy28]

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!

[sambabchip1]

I think paying on time will improve the score. anything else will not help. I THINK.

maybe someone else can help.

but for me paying on time always is a big thing.

thx

sam

[Ahntara]

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

[ConfusedToo]

Here's a couple of calculators if you want to add to your payments, it really cuts down the interest in the long run:

http://www.bankrate.com/brm/popcalc2.asp?unroundedPayment=251.33892797673403&loanAmount=10100.00&nrOfYears=4.00&nrOfMonths=48&interestRate=9.00&startMonth=11&startDay=9&startYear=2006&monthlyPayment=251.34&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=1&yearlyAdditional=0&yearlyAdditionalMonth=11&oneAdditional=0&oneAdditionalMonth=11&oneAdditionalYear=2006&paidOffDate=Dec+9%2C+2010