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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."

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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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