Paying Off a Car
I recently (late Feb/Early March of this year) bought a new car, one that I could afford going to college off of my GI bill housing allowance. My payments are $235 a month, but I always pay extra ($400+) because I received an insurance settlement from an accident I was in last year.
After insurance/lawyer fees, I made out with around $24,000. After buying some things and making regular payments on my car, I have most of it left. I am currently able to pay off my car entirely, and the reason I haven't is because I don't know what it will do to me credit-wise. It's the only form of credit I've been able to accumulate, so I want to do it right. I have a store credit card, but in relation to my car I feel like it's insignificant, haha.
My Dad said I should wait to pay off my car for at least 6 months, but after that, I should do it. I didn't know if that would be better than making payments on it, even if they were payments upwards of $600+.
I know my explanation is kind of jumbled, but I wanted to give some background. Basically, I have the means to pay off my car now but I don't know if doing that would be more beneficial than making payments. Any advice would be appreciated.