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ED in ATL | Got my first loan for new car, I could pay it all off today, but should I? (esp. if I want a house soon)? |
I have the money to completely pay off my $26000 auto loan. I haven't even made my first payment yet, but I'll need to soon- within a week. I hate the idea of paying ANY interest, especially considering how they basically jacked me with 7.9% for 5 years. But, I will want a house within a year or two so I will want the best rate on a home loan down the road. I'm 27 years old, and my credit is excellent as far as revolving accounts/credit cards. I've never had any loans before this. I had a little trouble getting this one since I hadn't had an auto loan before. I wish I could stick it to the bank and the dealer finance dept. but I realize that I might be better off building some credit with this loan.
I want to find the best blend of building credit to later save on a home loan, and giving the bank the least in interest. Should I pay it over a year? e.g. ~$2200/month?
Or maybe $20000 today and my normal monthly payment of $527 for a year? I want this to be over with.
Thanks!
Additional Details
I didn't have this money until very recently, otherwise I would have put more down. I realize how that would have been much wiser but I wasn't in this position at the time.
You guys rock with your quick answers, thank you so much, you've given me so many great insights! I'm still weighing my options and working on my plan and all. |
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eskimooinc.com
 |
I was in a similar position a few years back - as a new immigrant, I was financially stable, with a reasonable net worth and excellent credit overseas, but that counted for nothing here, and I couldn't even get a mobile phone on my own account!
Amongst other things (store cards etc) I was advised to take out a car loan if possible to build my credit. We bought a new Mazda, leaving the negotiation till late in the evening of the last day of the month, which happened to be a Friday. The dealerships finance guy couldn't contact his higher ups to get approval to make a loan for me, but they clearly wanted to notch another sale that month, so having seen my bank accounts and overseas credit records, he took it on his own back and financed the car for me, and I drove it home that night. The next few weeks saw about 5 different letters rejecting me for my "loan application" - it wasn't my application, it was Mazda finance trying to sell my loan!! In the end, Compass Bank bought the loan, and to cut a long story short, I did what you suggested in your last para - I worked out how much I needed to pay off straight away to leave regular payments for 6 months to close the debt. I paid minimal interest and my credit rating went thru the roof....all that to be able to buy my own mobile phone...;-) |
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Lisa W
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pay it off if you can. |
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stan c
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Make the first 12 payments then pay it off . That should boost your credit rating. |
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Holly R
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While the interest rate is a bit high, I would make payments for at least 6 months. This will show your ability to pay on time and will in deed help build your credit. If I were you, I would have put 50% down, and had a lower monthly payment. You would have gotten (should have gotten) a signficantly better interest rate. My advice would be to make payments....for a while. This is a depreciating short term asset...Maybe save your cash for your house...unless you have a lot more! If you pay off the car, you will have more money each month for the mortgage, but you will have an easier time getting a home loan if you can put down more money. Car payments are an expected expense on one's credit report. |
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abcdefg
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You can't really build credit unless you have revolving credit. However, paying off your car to avoid interest is a tempting choice. My suggestion would be to pay maybe 25 to 50 percent of the car loan off ( if there are no penalties) and put the rest of the money aside for a down payment on your house. As a first time home buyer, If you have excellent credit and at least 10% to put down on a house, then you are in great shape. Also, the monthly payments on the rest of your car loan would continue to build up a good credit history.
Oh and if you pay like 50 % down for example.. you could probably refinance shortly thereafter and have a lower payment ( if you want to continue paying the loan to get credit) |
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Keli O
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best bet would be to make some payments because that builds your credit history. it will help you get the home loan, they will look that kind of thing up ;) |
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Mark
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Spend the money how you want, You will save a lot of interest by putting down a lot of money up front, |
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kemperk
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keep these things in mind;
cars on average, depreciate 35-50% in the
first year. Thus, at interest rates of 10+% it
is best to pay those off fast.
however, your rate is fair if not good.
IF YOU can find local investments that
are 100% secure to you, it might be a good
idea to invest in that [like county real estate
tax foreclosures] or other at 15+% a year
and let the RE or other investment
pay for the car loan.
otherwise pay off the car immediately
only because you are not
increasing the value of an asset.
available to guide you further. |
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hopeless
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You can almost get everything you want. The 20000 tonight and then the monthly payment. As long as you show that you can make a payment on time it will do good for credit. So pay off as much as you, just leave enough to build some interest and make the monthly payment. -k- |
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GO TO HELL
 |
Pay at least half of the monthly payments, then consider paying off the balance in one lump sum. In the mean time, take your cash and put it in a high interest CD to offset the interest on the car loan.
Account longevity is an important part of your credit report. If you don't establish that you have the determination to pay month to month, you'll end up with same problem when you want to buy a house. |
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HotpinkKitties
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Sure buy it, you can always sell it if you need the money, of course you won't get it all back. This way you can focus all your money being saved for the house. Good luck! |
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Loving mother
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Six months is a good time t build loan repayment history. Break up the amount into six monthly payments and pay it off like that. Paying a little interest now is worth it to build perfect credit and will save you a whole lot more when you get a low rate on a home loan. Congratulations on your financial savy not to carry debt. |
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hurts so good
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well why did you put yourself into a loan if you have the cash to pay it off thats just stupid. even if you go and pay your loan out in full there will still be charges and fees.
as you said you havent even made the first payment yet.
seems to me what a crazy waste of money why if you have the money now to pay out the loan did you get a loan in the first place crazy dumb thinking. |
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CS101
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The fact that you have a loan means you qualified for the loan. If you got the loan in the first place means you have credit. So what is your homework assignment? |
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