Does having two car loans hurt your credit?
Does having multiple car loans hurt your credit? My spouse and I have one car, but we're thinking about getting a second one. I know that getting more loans can impact your credit.
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Answered on Jun 30, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“It might hurt your credit to buy another new car, but it will only be temporary.
Your credit will take a hit due to a new hard inquiry, as well as lowering the average age of all your credit accounts.
Again, this will only be temporary.
As you continue to pay your car note, your credit score will slowly go back up. So to answer your question, you might see a dip in your score at first, but this will go up as you continue to make payments on time.”
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