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by Thriftymaid on August 15th, 2009
Your car loan is not like a credit card. Your payment will stay the same until the loan is paid off.
If you want to get the loan paid off faster, don't just start making extra or larger payments. You should make your monthly payment and then if you can send some more make sure they apply it ALL TO THE PRINCIPAL. This will really make a difference in how long it takes to pay the loan off. Call your bank or from whomever you borrowed the money for your car to find out exactly how to "pay down" your principal.
No, paying off your loan early will not hurt your credit.
by Alicia Honey on August 15th, 2009
Not at all. It helps your credit rating.
How much does it cost to start debt consolidation?
by Answerbag Staff on August 4th, 2010
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What is a low credit score?
by Answerbag Staff on July 31st, 2010
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Do i have to pay home equity charge-offs?
by Answerbag Staff on August 2nd, 2010
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Do you know Experian FreeCredit will bill your credit card indefinitely until you cancel? Call 8666730140 to cancel.
by GibsonGuy on August 1st, 2011
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What credit rating would you give AB ?
by Ryan_U on August 1st, 2011
| 1 person likes this
You're reading Would it hurt my credit for paying off an auto loan early? If I started paying more than the monthly payment, would my required monthly payment go down like a credit card?
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