What’s better for credit score, paying car loan off early or letting it go

Credit and mortgage advice Forums Consumer Credit Improving Your Credit Score What’s better for credit score, paying car loan off early or letting it go

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      Anonymous
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      to full maturity? I have a car loan that I owe $2700 on and there’s only 10 payments left. It’s a zero interest loan so I’m not paying it off to save on interest, my credit card balances are extremely low and I have plenty of cash to pay the car loan off.

      Now my question is what will be best for my credit score, let the loan go the remainder 10 payments or pay off now? Maybe it won’t matter? I have another car payment on my credit report because it was a co-sign for my brother and he’s completely faithful with his payments and pays more than minimum. I’m also possible getting a business loan soon so I want to do what’s best for my credit score. If my credit score won’t be impacted by paying my loan off early then I’d rather to that to have less liabilities when I apply for another loan.

      Thanks for your advice!
      My brother has talked about selling or trading in his car but I can’t count on that. My score is 760+ right now and I don’t want it to lower if I pay off my car loan(which is a 72 month payment loan, only 10 left). My thought was because there’s that second loan I won’t go from two payments to none which I’ve been told could be bad but I’m not sure how reliable that is. I was also hoping that if I pay my loan off it would help with my interest rate on a new loan.



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