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 Post subject: If you pay two auto loans off and two months later open two
PostPosted: Tue Mar 08, 2011 3:01 pm 

Joined: Tue Mar 08, 2011 2:58 pm
Posts: 4
If you pay two auto loans off and two months later open two more does it hurt your credit?
i paid on the first two auto loans for two years and then i paid them off a month apart. i went down to the dealership and i bought me and my wife two more fuel efficient cars on the same day.


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Tue Mar 08, 2011 3:09 pm 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1627
Location: Seattle, WA
Paying off a loan does not hurt your credit. It possibly doesn't have any effect at all. It might have a small positive effect.

Opening a new loan is bad for your credit. In fact just applying is slightly bad. How bad depends on the rest of your report. The hit will be mostly temporary, probably diminishing after the first year, as long as you pay on time.

I would say that the net effect of paying off one loan, then applying for and opening a new one, is negative.


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Tue Mar 08, 2011 4:28 pm 
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I find this post odd. The OP has posted one post saying he has good enough cash flow and credit to get two car loans and pay off two and a couple of other posts saying he is in so deep that he has had to deal with payday loan companies.


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Tue Mar 08, 2011 5:38 pm 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1150
Location: Illinois
DoingHomework wrote:
I find this post odd. The OP has posted one post saying he has good enough cash flow and credit to get two car loans and pay off two and a couple of other posts saying he is in so deep that he has had to deal with payday loan companies.

I was wondering the same thing.


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Tue Mar 08, 2011 7:55 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1201
bpgui wrote:
DoingHomework wrote:
I find this post odd. The OP has posted one post saying he has good enough cash flow and credit to get two car loans and pay off two and a couple of other posts saying he is in so deep that he has had to deal with payday loan companies.

I was wondering the same thing.

That makes three of us...


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Wed Mar 09, 2011 8:48 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1627
Location: Seattle, WA
I dunno... many people think of their car payment as a non-negotiable, unavoidable monthly bill. Maybe the OP took out a payday loan for the purpose of paying the car payment?


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 Post subject: Re: If you pay two auto loans off and two months later open
PostPosted: Tue Mar 22, 2011 1:35 pm 

Joined: Tue Mar 22, 2011 12:44 pm
Posts: 6
Location: The World is my home
Why not just keep the two cars that were paid off? If you are trying to get ahead in the money game- The point of paying things off is so you don't have the payments anymore, or so I thought.

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Amber Marie- www.thesmartmoneyclub.com "Start Small, Live Great"


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