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- Sep 16, 2010
(This is a spin off of the "average american can't afford a 30k car) Here is my situation... I just payed off my credit card debt about the end of 2012 (That took about 7 years to pay), so that's one debt that I don 't have to worry about paying. On July of 2010, I financed a 2007 Impala LT used(My first car). The sticker price was $11,999, but I negotiated to drop the price to $10,500. I put down $2,500, which made my loan about $8K after everything. My note is $194.75 a month, which was good for my income. I have never missed a payment or payed late (Smart payment plan FTW) and my account is current. I plan on paying the reminding $4k and some change withing the next couple of days to get this dept out my head and the only debt I plan on paying after my car note is my student loans, which will take in effect in November of this year. My question is, Since I've been paying my note for about 2 in the half years, will it make my credit look real good if I decide to pay the remaining balance in full even though, my loan is up to 5 years? I'm hearing that if you pay off a car before the 5 year plan, it won't show that much impact of improvement on your credit score, is that true?