I currently have a family member's auto loan in my name. His family is going to buy the vehicle from me so I can transfer the title and pay off the auto loan. I know my credit score will take a hit from paying off an installment loan early.
I currently have great credit (around 770), and my debt to income ratio is 24%. With my family member's auto loan paid off, my debt to income ratio will be closer to 15%.
Would it be better to take out an auto loan now while my credit is higher? Or later when it's lower, but my debt to income ratio is also lower?