Car Loan (Impact on Credit Score)

Money Management
1

I am considering purchasing a new or a newer car in the future, if they can ever get enough parts to build them and get some on a lot to actually drive.

My question is this, those that have done this recently, how much did it impact your credit score and for how long? Did your score go down, if so how much and for how long to recover to your prior score?

So if you have a 750 score, where did it go after and how long to return to the 750 or better? I am assuming it will drop.

Thanks for your help!

3 Likes
2

Mine (hovers between excellent and good) dropped only a few points and went up within 3 months.

3 Likes
3

i just leased a new car and mine points went down 3 points but they go back up in two months

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4

Not sure if a lease impacts it the same as a loan. A lease is a rental agreement but a loan is debt you owe. Which impacts your debt to income and your overall debt.

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5

thank you for sharing i love this community i am always learning have a nice day rick