If you have a robust credit report with multiple installment and revolving credit accounts, your credit mix won’t be affected too much if you pay off one car loan early. In this situation, you can expect a drop of 10 to 20 points because you now have one less account overall.
Those with lean credit reports or no other installment loans may find that paying off their car loan early can drop their score by as much as 50 points. This may be due to:
Keep in mind that your credit score will rebound from this sooner rather than later. Don’t stress too much about this temporary drop as long as you’re continuing to make payments on your other debt.