Will getting a car loan hurt my credit score?

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asked Feb 22, 2020 in Buying & Selling by MamaD900 (300 points)
Will getting a car loan hurt my credit score?

3 Answers

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answered Feb 22, 2020 by Shelde (49,390 points)
Applying for a car loan will put a hard inquiry on your credit score.

However the hard inquiry will only affect your credit score for a year or less before it drops off your credit report.

The hard inquiry may lower your score by a few points but it doesn't lower the credit score too much.

However if you do get the car loan and then pay the car loan payments on time then the credit score will build back up and then the credit score will be higher.

You usually need around a 600 or above credit score to get approved for a car loan unless you can get a cosigner to help you sign the car loan note.

You also need some money down usually depending on the car financing company.

If you're buying a new car or new truck etc then you usually need $3,000.00 to $5,000.00 down depending on the price of the vehicle.
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answered Sep 19, 2020 by RobertPolson (3,960 points)

I don't see any connection between a credit score and buying a car. It seems to me that the most important thing is to pay payments on time. It has become quite difficult for ordinary people to get a loan. You can read about it yourself in this article. However, I can say that buying a car is the most frequent and most approved loan application. There is no need to be afraid of this.

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answered Jul 25, 2022 by KoryPowell (5,090 points)

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