As I've mentioned before, paying off a car loan early can really hurt your score. Someone reached out just yesterday after their score dropped 150 when they paid off their car loan 2 years into the loan. Many of my wealthy friends destroy their credit by financing cars and paying them off early.
As counterproductive as it may seem, you should avoid paying loans off early.
So if you are like many of my car friends who upgrade cars as often as you upgrade their cellphones, a HELOC might be a better solution.
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