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| *Loan,banking and credit>>>credit score |
Credit Score When Buying a Car? |
Does buying a car affect your credit score? Does it go down because you've made such a large purchase, or up because you qualify to buy such an expensive item? it only matters if you take out a new loan for buying the car. At first it will hurt your score because it increases your outstanding debt, but in the long run it helps your score if you make all your payments and eventually pay it off (on time or early) because it shows that you are responsible enough to make your payments and you are likely to make all your payments the next time you take out a loan. Your credit score is only affected if you finance a car. it does actually but anything you buy like that does because they have to run a credit check and everytime that happens it knocks your score down. It will improve your credit score if you make all of your payments on time. It depends on your credit score going in and how much other revolving debt you're paying off on credit cards, mortgages, etc. If you buy the car outright then it would not affect your score. If you lease the car or finace it will have an effect only if you fail to make your ontime payments. If you pay on time it will do nothing but bring your score up. Auto finance is what I do for a living and at first your score doe's drop a little due to the additional debt. After you have established a pay history it goes right back up and over the long run continues to rise as long as you make your payments as agreed. |
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