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  • FIRST POST
    • Colin_312
    • By Colin_312 12th Jan 18, 6:13 PM
    • 2Posts
    • 0Thanks
    Colin_312
    Car Finance
    • #1
    • 12th Jan 18, 6:13 PM
    Car Finance 12th Jan 18 at 6:13 PM
    Hi
    Is it better to pay car finance off early or let it run for the term.
    If paying off early does it affect your credit score ?
Page 1
    • bazzyb
    • By bazzyb 12th Jan 18, 6:26 PM
    • 1,081 Posts
    • 3,212 Thanks
    bazzyb
    • #2
    • 12th Jan 18, 6:26 PM
    • #2
    • 12th Jan 18, 6:26 PM
    The sooner you pay it off, the less interest you would pay, so that would be 'better' financially.

    Paying it off early will affect your credit score, paying it off on time will affect your credit score, not paying it back at all will affect your credit score. But only you will ever see your fictional credit score anyway.
    • Colin_312
    • By Colin_312 12th Jan 18, 8:23 PM
    • 2 Posts
    • 0 Thanks
    Colin_312
    • #3
    • 12th Jan 18, 8:23 PM
    • #3
    • 12th Jan 18, 8:23 PM
    Hi
    What I should have said is will my credit score go up or down if i pay off early ?
    • neilmcl
    • By neilmcl 12th Jan 18, 8:34 PM
    • 10,437 Posts
    • 7,362 Thanks
    neilmcl
    • #4
    • 12th Jan 18, 8:34 PM
    • #4
    • 12th Jan 18, 8:34 PM
    It'll make no difference to your credit score if you pay it off early.
    Last edited by neilmcl; 12-01-2018 at 8:37 PM.
    • Tarambor
    • By Tarambor 13th Jan 18, 4:14 PM
    • 1,959 Posts
    • 1,395 Thanks
    Tarambor
    • #5
    • 13th Jan 18, 4:14 PM
    • #5
    • 13th Jan 18, 4:14 PM
    Hi
    What I should have said is will my credit score go up or down if i pay off early ?
    Originally posted by Colin_312
    It makes no difference because no lender uses the credit score you get from the credit reference agencies. They all use their own internal scoring based on the contents of your record and not the makey uppey number Equifax, Experian et al give you.
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