Is it worth it to pay off my car?

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I owe $5,500 on my car and I have the money to pay it off, but I've only had the loan since september (total loan amount $14,000), I'm wondering if it will help my credit score to continue to make payments on the loan, instead of paying it off, so that i doesn't look like I sold the car. (because I didn't); and IF it will help my credit score, will it help it enough to make it worth the 6 percent interest that I'm going to be paying on the car in the meantime?

Also, I'm applying to medical school next year so better credit will help me get a better interest rate on my med school loans...I think. oh and my current credit score is 705, but I only have 2 credit cards and one signature loan on my credit history. (besides the car loan in question of course)

Thanks in advance for anyone who can give me some good advice on what I should do!

Is it worth it to pay off my car?

Pay off debt is the best way to boost your credit score, so pay it off. Having a balance on loans or credit card NOT necessary boost your credit score. Pay off the auto loan can also save you interests (no matter how low the interest rate is, because it is COSTING your money). That is a good credit score, but I would recommend you to boost it up to 740 and above. Good luck with that and med school. **You didn't mention how much you owe on those 2 credit cards and the loan, do pay off the HIGHEST interest rate debt first.

Is it worth it to pay off my car?

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Is it worth it to pay off my car?

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