Auto Loan Payoff And Good Credit Rating
Never purchase an auto if you cannot afford the monthly Payments!
Pay off your Auto Loan Weeks After Purchasing the car! We will Show You How!
Even though paying off an auto loan early will save you big money in interest payments, it will not help your good credit rating unless you make at least 4 monthly payments before and auto loan payoff. If you demonstrate good behavior like paying off a debt in full in less than 4 months, your credit score will decline.
That’s because your good credit rating does not rate how wise you are with your finances. Your credit rating is based upon how reliable of a profit center (debt slave) you are for the banks by your good credit paying history for your auto loan payoff after 4 months.
Being debt-free before you establish a good credit rating for an auto loan payoff means nothing is being reported on your credit reports and not giving you a good credit rating score since there is no good credit rating history showing how reliable and compliant of a debt slave you are.
If you have a good credit rating history of never missing a payment, banks know that the more they lend you, the more you’ll pay their exorbitant interest rates like clockwork and be a nice little money-spinning debt slave for them using your hard labor, even when they unilaterally jack up your interest rates as you get more addicted and your debt-to-income ratio narrows.
Don’t get sucked into the credit addition or ever live beyond your means. It’s much easier and a lot less grief to just go make the money you need. Start a business, even if you have a full-time job, and build up the business’s credit and enjoy all the tax deductions that come with it, unlike your full-time wage slave job.
Your Auto Loan Payoff will improve your Credit Rating after you make the 4th monthly payment that shows a credit paying history. The main thing is to pay your Auto Loan off so you can have clear title to your auto without any more payments.