YOUR FRIENDS' ACTIVITY

    What if I pay off my car loan early?

    By Tara Baukus Mello | Bankrate.com – Fri, Dec 14, 2012

    Tara B Melloq_v2.gifDear Driving for Dollars,
    How will paying off my car loan affect my credit score? What if I pay it off early? Does that make a difference?
    -- Michael

    a_v2.gifDear Michael,
    It's a common misconception that paying off a car loan affects your credit score. In fact, it does not affect your credit score at all, no matter how early you pay it off. Your credit score is only affected, and then in a negative way, if you are late or miss car payments. When your loan is paid off, it just shows up as paid on your credit report.

    Ask the adviser

    If you have a car question, e-mail it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories.

    Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.

    This week:

    News Alert Create a news alert for "auto"



    More From Bankrate.com
    Loading...

    News for You »

    • Prison for Ohio woman who buried mom in yard

      COLUMBUS, Ohio (AP) — A woman who quit her job to care for her elderly mother felt at a loss to support herself when the older woman died so she buried her in the yard of their Florida home and lived off her mother's Social Security checks for 14 years, her lawyers and federal authorities say.

    • Man charged with tossing wife off cruise ship

      SANTA ANA, Calif. (AP) — A California grand jury has indicted a Florida man on charges he strangled his ex-wife and tossed her off a cruise ship in Italy.

    • Stephen Amell: Why I Won't Join Fifty Shades Of Grey Movie

      Stephen Amell has revealed what turned him off to playing sexy billionaire Christian Grey in the upcoming film version of "Fifty Shades of Grey" - and it has nothing to do with the story's rampant sex scenes or nudity.

    • Police: Paraplegic castrated at Philly facility

      PHILADELPHIA (AP) — A 41-year-old man is being held on $5 million bail after police say he castrated a paraplegic during a dispute at an assisted living facility in Philadelphia.

    • Kim and Kanye's Baby Name Is Not That Strange

      It's being reported that rapper Kanye West and his reality star girlfriend Kim Kardashian have named their brand-new baby, born this weekend, Kaidence Donda West. Donda was Kanye's late mother's name, so that makes sense, but, um, Kaidence? What's going on with Kaidence?

    • Father sentenced for binding kids outside Wal-Mart

      LAWRENCE, Kan. (AP) — A suburban Chicago man was sentenced Wednesday to 30 months in prison for binding and blindfolding two of his children a year ago in a Wal-Mart parking lot in eastern Kansas.

    • Bieber behind wheel as car hits man in Hollywood

      LOS ANGELES (AP) — Video shows Justin Bieber running into a photographer with his white Ferrari in Hollywood, but police say there was no crime and the injuries aren't life-threatening.

    • Brothers run at bear to save younger sister

      A family had a close encounter with a bear while celebrating Father's Day during a camping trip in Wyoming, NBC-2 reports. The Kelly family had a relaxing Sunday morning breakfast, but apparently they didn't clean up as well as they initially thought. According to NBC-2, a bit of bacon grease was still on the campground [...]

    Show More

    Follow Yahoo! News

    Loading...