I have the capability of paying off my car loan of around $15,000 by end of June next year, however this loan started this month.
I have heard loans/accounts kept open for more than a year are on your credit report for 7 years as opposed to 2 if it is paid off within a year. Is this true?
Should I pay off my loan as soon as possible or wait for next September before paying it off? Will my credit be better if I wait for the first year to finish before paying off the loan?