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| *Loan,banking and credit>>>auto loan |
Does it help my credit rating to pay extra on auto loan? |
Does it help my credit rating to pay extra on auto loan? Yes, if you do it consistently. Yes as long as you are not defaulting on your other debt to do so. Not a lot. Paying the loan off early will free up you existing credit and THAT will improve your credit rating. If you make your payments in a timely fashion and make more than the minimum payment then that could help your credit rating. Yes, because you are paying on time (35% of your credit history is based on that), the amount you owe will be lower (which means your debt usage compared to credit availablity is lower), and your account is active. Keep up the good work. hi .i hope this website will give you the required and most useful information about loan http://www.freewebs.com/***********... Only by lowering your debt-to-income ratio. If your auto loan is for 24 months or shorter, DO NOT pay extra as you need the length of credit to enhance your report. If you're paying 36 months or more, start paying it off faster to bring down your debt-to-income ratio. If your interest rate is 6% or lower, you're better off investing that money because you can earn more than 6% and actually make money instead of saving it. If you're over 6% interest, pay that sucker off. |
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