Have to pay on a car loan for at least a year for it to affect your credit score?

Tips and Deals Forums Consumer Credit Improve Credit Have to pay on a car loan for at least a year for it to affect your credit score?

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    • #349951
      Anonymous
      Inactive

      I am a first time buyer and of course got stuck with a high 25.99% APR on a 11k used car loan. Thing is, with my job I can actually pay this off rather quickly(probably less than a year) instead of paying the minimum for 4 years and having to pay $ 7kish interest. The dealer says tho, no matter what I should not pay it off before the year is up or it will not affect my credit score because I want to show a record of paying on time. Is this true or is it because they want that first years interest?

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