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Before you pay off that loan early, read this blog today!

By Product Expert | Posted in Helpful Advice, Honda News, Leasing on Monday, June 21st, 2021 at 12:39 pm
A stock photo of a person counting money.

Should I pay off my car loan early? 

When people take out a loan to buy a vehicle, they are usually counting down the days until the note is paid off in full. To be sure, this is a great feeling and should be a point of pride for the vehicle owner. Sometimes people come into a fair amount of money unexpectedly and it’s not uncommon for them to ask the Meridian Honda Finance Department, ‘Should I pay off my car loan early?’ Under most circumstances, the quicker you can get the debt off your ledger, the better it is for your financial health. However, for any of several reasons, car payments are different in the eyes of the three credit bureaus. Let’s take a look at a few things that you should know before paying your car loan off early. 

READ MORE: Is leasing a car a good idea for me? 

Will paying off my car loan early hurt my credit score? 

A person’s credit score is comprised of several different kinds of debt. Each type of debt carries a different weight within the credit bureau’s algorithm. It is not uncommon for a person to see a substantial dip in their credit score after paying off their car loan early. This is because the algorithm expects the loan to last for a certain period of time, and paying it off early throws off the math. 

Additionally, a lot of car loans have an early pay-off clause in the paperwork that will lay out the penalty a person would have to pay. 

Even though a person can take a hit in their credit score by paying the car loan off early, it can be too much of a temptation. This is totally understandable, just understand that going this route will require some strategic thinking. If you plan of paying off your car loan early, be sure not do it before taking out another large loan like a mortgage. 

If you have any questions about how owning or leasing a vehicle can affect your finances, make an appointment with a Meridian Honda product expert today. 

Welcome to Meridian Honda in Meridian MS

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TESTIMONIALS

Always great cars, great service and great people!
John Halbrook
A stress free car buying experience!! Thanks so much!
Jennifer Lee
Big thanks to Kelly Watson, Kelly Pollard and Douglas Davis! We had a wonderful experience buying our van! Great service!
Stephanie Allen Reid
I had the best ever car buying experience! Kelly Watson was friendly, funny, never pushy, and so very patient with me.
Clancy Lee Willis
Brought in my husbands truck to the body shop and WOW! What great service! Quick, friendly, and reasonably priced! Even though our vehicle isn't a Honda, they for the parts and work done faster than any other place I have been! Thanks for great service!
Leslie Horn Vollor
The absolute best place to have a car serviced! I love Meridian Honda!
Katie Elizabeth Davis
Awesome people and so easy to deal with. No need to go to Brandon or Jackson to buy a Honda!!
Beth Boatman Nabors
I've really enjoyed dealing with Adam on my last 3 Hondas The thing I like best about my new 2016 CRV is the back-up screen!!!
Wilda Gibson
I think it is an all around good business to buy a car from! The service department is absolutely wonderful, the staff is kind and caring, and they can fix your car faster than u ever thought
Lauren Pollard
Just wanted to say "Thank you!" for verifying an issue with a tire on my daughter's 2007 Honda Civic as I was driving her from the greater Houston area to Charlotte (and her on to Virginia). The Service team was friendly, accommodating, communicative at every step and if we lived anywhere close, I'd bring vehicles in there for service. Thanks again for taking care of ... us today on our travels!
Jon Walk
Caring and professional work. The people were friendly. Would recommend to everyone. I have always had a very good experience.
Charlotte
Came in for an oil change and tire rotation and Josh let me know a couple more things that needed to be done.
Lamar
Noone was pushy, they listened to what I wanted. They were very fair to deal with. My time in and out was fast.
Sarah
Fast and Friendly to the most satisfactory degree. Always ready to do what is needed and always referenced me as to the work done or needed.
Donald
Friendly staff, great service. Purchased 3 Hondas here and use them for all my service and tire needs. Sales and service are the best.
Sharon
I just liked when I pulled up everybody was so friendly I love the clean building the service was excellent the service was long they were very prompt I just enjoyed my service
Lashanti
Salesman did a great job helping us. Had the car we wanted. Will do buisness with again when car shopping again Thanks!!!
Scott
They worked very hard to get me the car I wanted with in my payment range in a very timely manner. This dealership has a friendly atmosphere. It was an enjoyable experience. Can't say enough about Myrna, she is the best!!! Thanks for all you do!!
Sylvia
Can get in and out very quickly. Enjoy the coffee and friendly staff while I am waiting. Don't mind having my car serviced.
Carol
I was treated with respect, kelp up to date on repair. My salesman, Kelly Watson, was most helpful. I am always treated like I am a very special person!
Sarah

Welcome to Meridian Honda in Meridian, MS

Honda has become the most-trusted brand in America. Meridian Honda seeks to follow this example and become the most-trusted dealership in the Meridian area. From our sales team, to our service department and body shop, we want our customers from the past, present and future to be confident knowing they will receive the highest level of care and respect when they visit Meridian Honda.

Our team at Meridian Honda is excited to get to know each of our customers on a personal level. At Meridian Honda, you will be able to browse an extensive selection of Honda cars, trucks, SUV's, vans and crossovers. This includes all of the headliners from the Honda model lineup, such as the Accord, Civic, CR-V and Pilot. In addition to our inventory of new vehicles, Meridian Honda is home to many top-quality pre-owned models from Honda and other brands. Take a look around our website to learn more about everything we have to offer at Meridian Honda. We look forward to your visit!