What happens with my credit report after I pay off my car loan?

I want to purchase an Acura RDX, but I need a loan to do it. I only have about 10% for a down payment, so I need to borrow around $40,000. How do I get the loan?

Answer
An Acura RDX is a sweet ride! A $40,000 loan can be feasible to obtain, provided you have the right income and credit score.
To secure a car loan for $40,000, lenders will likely require a prime or superprime credit score—namely, 661 or higher. Offering a 10% down payment will certainly help your chances of securing the loan, too.
You’ll also need to demonstrate that you earn enough income to make regular payments. For example, a 60-month car loan of $40,000 at 4% would equal $737 a month, so make sure to budget accordingly.
To get lower monthly payments, you can extend the loan to 72 or 84 months or shop around for the lowest rates.
Since the lender will also require proof of insurance, you should also shop around for car insurance. Thankfully, the Jerry app makes this easy as can be. Just complete a 45-second sign-up to compare quotes from up to 50 top providers.
Eric Schad
Answered on Oct 26, 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.
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