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Dear Terry,
What happens to one's credit score if one takes an auto loan for five years and pays it off within six months after
getting the car? I have an excellent credit score.
-- Omoniyi
Dear Omoniyi,
There should be no negative consequences to your credit score for paying off a loan early. If you already have excellent
credit, it's not likely to boost your score. But for someone who has less-than-perfect credit, an early payoff might help.
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