How Much Will My Credit Score Drop If I Apply for a Car Loan?

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asked Feb 5 in Buying & Selling by Prigen (3,560 points)
How Much Will My Credit Score Drop If I Apply for a Car Loan?

When I apply for a car loan by how much will my credit score drop because of the hard inquiry for the car loan I applied for?

1 Answer

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answered Feb 5 by Judy (28,640 points)
For each car loan you apply for your credit score will drop at least 7 points.

The hard inquiry that the car loan company or auto financing company puts on your credit report should drop back off your credit report within a month or 2 at least.

Hard inquiries from car loans and other loans don't affect your credit too much since the hard inquiry should drop off your credit report within 2 months and your credit score should go back to where it was.

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