Does paying off a new 6 year 9% auto loan too early affect your credit rating?
Pay it off. If anything, your credit would go up. The only factor that I can see that this would possibly effect is the “age of your accounts” factor, which takes into account the average age of all of your accounts, but since you already opened the account, it’s kind of too late to think about that anyway. I would say that your salesman is a bozo and pay it off if it makes you feel better. Any effect of paying this off is going to be minimal anyway (probably about 20 points at the absolute most) so I wouldn’t worry about it. IF you have a 720 fico, 700 or 740 are still good and if you have a 600 score, 580 and 620 are still bad, so the effect on your credit is really not an important consideration in this case.
