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How much does a used car loan usually drop your credit score?
I want to get a used car loan, but I'm not exactly sure how it will impact my credit score. What should I expect in terms of my credit score after getting the loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you open a used
car loan
, you can usually expect your car loan to drop between five and 10 points. This is due to the hard inquiry that lenders use to check your credit score, also known as pulling your credit.However, an important note is based on how you get a car loan pre-approval. When shopping around for car loans, you can have as many hard inquiries as you want within a 14-day period and credit bureaus only count it as one hard inquiry.
Keep in mind that you will also need to budget for car insurance as a stipulation of getting a car loan. Make sure to shop around on the number-one-rated car insurance app,
Jerry
, to get the best deals. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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