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Sub: #1 Auto Loans and Rebuilding Credit
Replied on 02-05-2010, 08:47 AM
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I made my first payment. I sort of expected a lot of it to go toward interest, which it did. I'm just wondering if this is common and most auto loans, esp since i have poorer credit, or if its an issue with this bank. Also, how long can i expect this interest to be the bulk of my payment?

Also, as my score has likely taken a big hit cause of this loan, and wasn't that great to begin with, what can I do to boost myself in the short term...I don't plan on getting any big credit, but i mean apartment hunting is coming up in the summer...

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Sub: #2
Replied on 02-07-2010, 11:04 PM
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Normally, in the initial years of a loan a significant portion of your installment would go towards interest payment. There are several loan amortization calculators available online which can help you in finding the loan repayment schedule.

Regarding boosting your credit score in the short run, without additional information on your credit I can only suggest that by staying current on your bills you can improve your score.




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