Car Loan

Annalee2610

Hello, my boyfriend has a bank loan for his car. He has £2000 left to pay on it. However he is not sure if it is better to pay off the loan in full now or to keep paying the loan monthly. If he pays the loan off in full now will it affect his credit rating? Thank You!

[Deleted User]

He'll save money by clearing now. Never carry interest bearing debt if you don't need to.

To maintain a credit file, use a credit card regularly and clear in full each month.

Reillyccfc84

Hi any help with this would be much appreciated, I have a default on my credit file and it was from December 2015 I had a car on finance and it was written off and not my fault someone crashed into me. I didn't know about gap insurance was never even told it existed till after my car was written off. If I had this gap insurance I would of never had this default as the gap insurance would have paid the short fall i am left with. I have contacted the people who now have the debt and asked them if I pay what's owning will they take the default off as a good will gesture. They have said no they can't do this. If I pay it the default stays on and they will put satisfied next to the default. I really would like this default removed is this possible any help again much appreciated. Thank.