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CreditRepairLady

Pay off or keep car loan?

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Last year In September I got a 10k car loan on a used car with...wait for it.... 18% APR. No one was offering me any better as my credit has multiple collections and a repo from 2014. I've been lucky enough to be able to pay it down and as of today I only have about 6500 left on the loan. In March or April I should be able to put another 3k down, bringing the balance down to 3500. My question is, should I go ahead and work to pay off the loan completely, or keep it at a low balance so that the loan looks good on my report?

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PIF as soon as you can. That's an Americredit loan with that high apr. And when you do pay it down make absolutely sure the paydown goes to principal.

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No credit scoring issue is worth paying 18% just to have something showing...get that turd paid ASAP (or alternately, flipped into a reasonable APR).

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Posted (edited)

Update: received an unexpectedly high tax return and dumped it all on the loan! Only 1k left to pay down as of today!!! 😁😁😁😁

 

Edit: on a side note someone crashed into me 2 days ago -_- not my fault so their insurance covers it but still a headache :(

Edited by CreditRepairLady

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Update: received an unexpectedly high tax return and dumped it all on the loan! Only 1k left to pay down as of today!!!

 

 

Awesome. Consider adjusting your withholding so you keep more of your money all year. Put the extra toward any other debt.

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Great news! Hopefully you will never have to get another car loan like this.

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Update: received an unexpectedly high tax return and dumped it all on the loan! Only 1k left to pay down as of today!!!

 

 

Awesome. Consider adjusting your withholding so you keep more of your money all year. Put the extra toward any other debt.

 

^^^ great advice! no reason to get a tax refund... ever (well almost...)

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Update: received an unexpectedly high tax return and dumped it all on the loan! Only 1k left to pay down as of today!!!

 

 

Awesome. Consider adjusting your withholding so you keep more of your money all year. Put the extra toward any other debt.

 

^^^ great advice! no reason to get a tax refund... ever (well almost...)

 

AGREED!!

 

(holy $#!t did I just agree with Hege?)

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Update: received an unexpectedly high tax return and dumped it all on the loan! Only 1k left to pay down as of today!!!

 

 

Awesome. Consider adjusting your withholding so you keep more of your money all year. Put the extra toward any other debt.

 

^^^ great advice! no reason to get a tax refund... ever (well almost...)

 

AGREED!!

 

(holy $#!t did I just agree with Hege?)

 

:wave:

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Good for you. I know it feels great!

 

Sent from my SM-P580 using Tapatalk

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