When should I pay off my auto loan?

I have had my car since November 2007. When should I pay off my auto loan and keep a good credit history? I am going back to school so I don't want to keep my car anymore. (selling and paying off loan) I have heard 12 months - 18 months. Thanks!

When should I pay off my auto loan?
If you can make 12 payments then payoff the loan, this establishes credit. So you may need to make November's payment and then sell your car.





Terri
Reply:We just bought a house in this tight credit market with ZERO down (except for the required pre-paids). We have no credit cards (since 1988), just an existing mortgage and a car payment.





In our situation, I believe they looked an our income to potential debt to savings ratios. These three items are a better indication of one's ability to manage their money and debt. Credit cards represent potential debt and could affect your ability to make a mortgage payment or car payment. How much monthly interest is on a $5,000 credit card with 18%? It's $75 (interest only). That's a monthly water bill, weeks worth of gasoline, food for a week. You get my drift. Credit cards do not build credit scores. Good money management builds credit good credit scores.
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Reply:

It might really save you some money to just get an auto loan quote on the web to verify what the going rates are. You might be really happy. Also if your credit is not the best, a lot of them are more able to help people.



What I always tell friends is that an internet quote at http://auto.lowratetoday.com is worthwhile.


Reply:I'd pay it off now, if you have the money saved up. If not, just continue making payments as large as you can. Either way, if you're 100% sure you want to sell it, you're going to have to pay it off to transfer title.