Reported 2 days ago
Paying off your car loan early can save money on interest, lead to ownership of the vehicle sooner, and reduce the risk of negative equity, but this decision depends on your financial situation, potential prepayment penalties, and whether higher-interest debts exist. While short-term credit scores may drop, long-term benefits can outweigh these temporary setbacks. Evaluating your budget and financial goals is crucial before making the choice to pay off your auto loan early.
Source: YAHOO