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Johnny_Leon t1_j2f4k46 wrote

I have enough to pay off my truck, first payment is in January. Besides saving the interest rate, am I benefiting from or hurting myself from paying it all off? It'll be $50k.

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HowDoesIAdult t1_j2fa5m7 wrote

Short term your credit score will fluctuate a bit (opened a loan and paid it off in 1-2 months, hard inquiry) but after a couple months it will relax after a couple months. Other than that it doesnt really make a difference one way or another

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Johnny_Leon t1_j2fbevk wrote

Alright, this was an urgent buy as my car was totaled in another state and I had to go to work after getting back. So even with my 750+ credit score, the interest rate is still not what I wanted. So, I figured I’d just pay it off now and it’ll save me $10k in interest.

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