Hey everyone,
I recently financed my car purchase with an auto loan, but I’m having second thoughts and would like to clear it as soon as possible. The dealer suggested paying off 80% of the loan in the first month and the remaining balance over the next two months. They claimed this method would avoid any negative impacts on my credit history, which might affect my ability to get loans in the future.
Has anyone here done something similar? Is this really a good strategy to minimize credit score damage? I’m looking for advice on the best way to handle this to ensure it doesn’t hinder my ability to secure future financing.
Thanks in advance for your help and suggestions!
original posted by calbion to r/personalfinance on Sat, 13 Apr 2024 15:55:44 GMT.