Congratulations on officially becoming the owner of your vehicle! Despite how positive it is to reach the end of your loan period, paying off your car loan will likely cause your credit score to drop a few points for a short time.
Don’t fret. Any change in your credit score as a result of paying off your loan will likely be minimal. And, your score should recover quickly, especially if you decide to finance another vehicle in your name. The bonus: you save money on a car payment by paying off your loan!