Everyone wishes they can pay their car payment off early and if you have the luxury of doing so there might be some hidden benefits or things you never thought of doing with the extra money.
Yes, I have a car loan through a credit union and a credit card and one day I went into the bank and asked should I pay my car loan first or should I put more money towards my credit card?
Paying off your loans is smart here is why
The teller told me to pay off my car loan first because it was a lower interest rate then move on to your credit card with the car payment amount. So that means to pay what I was paying for my car loan and move it over to my credit card payment until it’s paid down.
Smart, you will get rid of your car payment fast and work on other debt when you pay your car payment off that’s a huge benefit.
Your credit score will go up and that’s always good because if you have to say finance anything through the bank again the bank will look at your payment history and get you approved for another loan of some kind even if it’s another auto loan.
Trust me when I say you want to have a good credit score when you are trying to make a purchase on a new car or a used car in the Chicago IL area. It makes a difference with the used car dealerships and the interest rate that you receive.
Pay off your used car loan with confidence in Chicago
Paying off your car can give you the confidence that you need to pay off other debts to but most importantly it can help with your credit score in so many ways.
About 91% of people buy new or used cars in Chicago with the help of a car loan but they don’t just do a simple three-month car loan they do a seven to nine-year car loan.
That’s a long time to be paying on a car new or used doesn’t matter. So paying down your loans is beneficial in so many ways. We can help you find used cars in the Chicago area at your local used car lot in the area. We focus on used cars in Chicago area.