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Hey guys! Just got my first Auto loan. The only reason I took it is to improve my Credit Score. The thing is I can pay it off any time. I’ve got 10.9% interest for 72 months. The amount is $24.000. Now, help me figure out how to make the most out of it without loosing much in interest $$$. My idea is to pay it off towards $5000 outstanding balance and then pay it monthly to eliminate interest payment. The questions are: 1. What’s the minimum amount of months I should keep it open to get the most for my Credit Score? 2. Does $5000 seem to be the right amount for outstanding balance?
Thanks for your advice!
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- 9 months ago
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