Overhaulin'

Will my credit score drop if I open a new car loan.?

I had a existing car loan but traded my car in for another one so I opened a new car loan with a larger amount. My credit score is 740. Will it go down for any reason because I was planning to buy a house within the next couple of months. By debt to loan ratio will increase. So I'll owe more.

Public Comments

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2. I dont think so, it doesnt related to a car loan it seems.
3. for nearly every 'new' accounts, your credit score will slightly drop. however, not significantly. maybe 5 points or even less. if you pay on time regularly, it will go up.
4. I think that you just screwed yourself for the house. The mortgage lenders will look at the increased car debt and reduce what they will give you. The rule of thumb is not to buy a new car etc. within a year of wanting to get a mortgage.
5. Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carinsurance.yoll.net
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