Should I pay off my truck?

I'm 18 and just bought a steal of a deal truck for $8200

I'm talking 2005 Ford Ranger with 28,745 miles on it!

I shelled out $5700 and have $2500 left with $182 interest fee.

I make about a $1000 a week. Being as i had to consign with my Dad for interest I have the money to pay my truck off quickly.

Should I or should I wait for my 18 month term to end?

I would say it depends on who the financing is through. If you got the truck through a buy here/pay here used car lot and are making the payments to them, then pay it off. Those places don't typically report to the credit bureau agencies (unless you don't pay) so there's nothing to be gained. In fact it will cost you in the form of interest.

If the financing is through a bank or credit union, you should make the monthly payments. Yes, you will still pay interest, but will build your credit rating at the same time. A decent trade off.

It sounds wise to pay it off, but at the same time, you are building credit by paying the monthly statement - which you are going to need in the future.

$8,200 is a steal for a 10 year old truck? OK. If you're building a credit rating with your financing continue with the payments.

The interest is not that bad, so I would continue to pay the monthly payment (doing it early) for at least a year. This will give you a good payment history, and the next time you want to finance something, you will have good credit. Under normal situations, I would say that you should pay it off now, but establishing credit is valuable at your age.

You may want to deposit the payoff balance in a savings account, and set up automatic payments from that account so you do not have to worry about making the payments yourself

$8200 for a 10 year old truck doesn't sound like a steal to me. Seems like I had a 9-10 year old ranger about 20 years ago that I paid $22-23 for. (I sold it for $3250 I think, I was a curbstoner)

You don't mention your interest rate. But at $1000 a week, you don't need to be carrying any debt. Ever.

How do you earn $1000 a week at 18?

I'm 52 and I doubt I ever earned $1000 a week consistently. Even when I had my own business. I might during the good months but then Id go 2-3 months without earning a dime.

Earning $1000 a week, I just can't see any reason for you to ever borrow money. Pay it off over the next few weeks.

http://www.daveramsey.com/blog/drive-free/

Pay it off as soon as possible and show your Dad how responsible you are.