Does it have any adverse affect on your credit rating?

Basically i'm cutting my hours down at work and trying to save a bit of cash monthly, i've been offered a good trade in price for my Vectra which is over and above the settlement figure, but I was wondering does it affect my credit rating for future credit?

I've had mixed opinions when i've asked other people that's all!

Cheers

 

If you settle any outstanding credit wether its earlier than agreed there is no Penalty for doing so. Sometimes it will improve your borrowing limit. Credit file will show that you have settled the finance agreement and thats it!

 

If you are paying the money back then no it wont have a negative effect on your credit rating.

 

finance company will be well happy mate, and will probably be happy to lend you again in the future because of it.. i'm glad everybody else isn't like you though else I wouldn't have a job..

 

Get it paid off, then you've "wiped the slate clean" if you ever want to borrow money for a car in the future bud

Regards

 

No it won't affect your credit rating, the company you are trading your car in with with obviously know there's finance on it and will pay that off for you. All you are doing is paying it off early, why should that effect your rating?