How does buying a new vehicle effect your credit?
343642
If your credit is already excellent it is likely that the credit inquiry for the car loan lowered your FICO credit score much. When the bank starts to report the loan they will report the starting loan balance, the term and the monthly payment. \n\nIf you are replacing an existing loan it will probably in about 6 months increase your score. If it is a new loan where you didn't have any auto loans before then in about 12 months your score will rise.\n\nGood Luck
1069486
I'd try to return the car to the dealer\n\nand see with credit services if it hurts my credit
938272
Yes, but it should not affect the transaction you are having it pulled for. If you do not complete the transaction it will affect the next one you attempt to do. \n\nBrokers do serve a good purpose as they don't have to have your credit run several times to shop for the best loan for you. \n\nYeah that's a blatant ad, but ohh well! business is slow, you gotta start somewhere! :)
848046
well from my experience (i'm 23 but have been in the marines the past 5 yrs.) buying a car didn't help my credit much because the only people that would give me a credit card was my bank so go there first. if you are good w/ money like me then using it more builds credit faster. but make sure starting off just to use it for like fuel or something you buy like once or twice a month and make sure to pay it off at the end of your monthly statement cycle. before long everybody under the sun will be trying to give you their credit card. dont get a ton of credit cards cause it will be harder to manage. most starting limits are like 500 to 1,000 so you should be allright.
157606
That depends on who's pulling the credit report, and why. \n\n"If you apply for a new credit card, a hard inquiry record will appear on your credit report and may cause a drop in  your credit score of about 5 points."\n\nSoft inquiries - ones made when you're not applying for credit - don't cause you to lose points.
917975
You may have to get a secured card to establish credit.  Or buy a car and keep up with the payments.
1073280
Buyer beware. If its too good to be true, it probably is. The risk is that property values will go down and you'll be inverted. If so you have no risk since you put no money down, however, your credit can be negatively impacted and next time you might not qualify for a no money down purchase, and even your car insurance can go up by a negative reporting. Be careful.
733124
No, all it show is what the minimum payment is and the new balance.  Balances are what is important if you are concerned with your credit score.  Any revolving acct that has more then 50% of the balance used will impact your credit score
475506
YES!!! \nDont do it.  My wife and I did it and when we went to buy a new car it showed up on our credit report.  It wasnt as bad as a bankrupcy but it did put a negative hash on it.  We were still able to get the new car loan but it really mad me mad at myself for not looking into that first.  Should have just paid them off by myself.
600159
Financing your vehicle will not hurt your credit score unless you miss payments. Something that you might want to look at also would be the debt ratio. Even if you have great credit, but showing a lot of debt, you can still be denied a mortgage. Calculate your over all debt that this new vehicle will generate, and determine the rental income that you will obtain when you decide to rent out your current home. As long as your able to cover your mortgage obligation on your new home with your rent, you should be fine. Over all, your concern should not only be your credit score, but also your debt ratio that determines if your able to afford the home.
71223
GET AS MANY $500 LIMIT $99 SECURED credit cards as you can. charge 1 tank of gas on each and pay them all off + $5.00 OVER on each.   never use them again. your credit score will sky rocket to high 600's to low 700's how ever your bankruptcy will effect your buying ability for about 2 1/2 years for buying a car at a decent rate.   if you can get 11%-16% grab it.  pay good and refinance it with a credit union after 6 months of OVER PAYMENTS!
653527
Essentially, you're correct.   You'd roll the difference into your existing loan.  \n\nReally, it's a dumb way to buy a car, unless you've got yourself a lemon you want to get out from under.   You're paying on a car you own and one you don't own.
717902
Well, that all depends on whether or not the bank that repo'd the car was able to collect the total outstanding balance after selling the car. If not, you have an outstanding debt still on your credit, and it will be there indefinitely, despite what some people may tell you. Yeah, it technically will come off after 7 years, but if you ever go to get a mortgage or other large loan, they're going to see that you have that still outstanding. Good luck getting a bank to look the other way on something like that...
303673
I bought a car 8 months ago.  I am paying OUTRAGEOUS interest.  I had to put a HUGE down payment on it. BUT my credit score has gone up 150 points in that short time because I am ahead in my payments and have never missed one.  So the moral is.  You have to open a credit line in which you will pay to much interest and then make the payments on time to prove credit worthiness and then you will get better credit.  I got a credit card two months ago and I have not missed a payment on that wither.
2094
I have read that it is better to buy one in 2006, but there are a maximum number of cars per make and model that will receive the credit.  Too late for me as I already bought mine.
243566
understand what credit is.  Certain lenders require certain things.  Like at least a 520 fico score, 3 years of work history, 5 year residence history, some require money down, some do not (depending on the score) Some require time on the beauro to be at least 5 years. Your best bet is to finance less than the WHOLESALE BLUE BOOK of the vehicle.  Find the car, do your research and never buy in the same day.\n  there are a lot of factors when thinking of buying.  please e-mail me if you need any other help....  there is a lot ot know.\n\nfordofmarin@gmail.com
803026
A 657 credit score won't disqualify you from getting a new car loan, unless you've recently (in the past few years) have defaulted on another car loan.\n\nYou won't qualify for the best interest rates but you should be able to find a lender willing to take you on.  Shop around and beware dealers who offer you financing and after you've taken the car home tell you that you didn't actually qualify at that rate but they can get you the loan at a higher rate.