How many points do i get on my credit report when i purchase a used car?

Question

How many points do i get on my credit report when i purchase a used car?

Answer 1

If you're taking out a loan to purchase the used car, it depends. First, the company will look at your credit score, which takes points away. Then it depends every month on how much you pay back of the loan, and whether or not you pay it on time.

If you don't take out a loan, you don't get any points.

Answer 2

none unless your getting a loan and buy it off on time or earley

Answer 3

It should be a soft hit on your credit report.

That's a lot different than applying for 20 credit cards at once and the hit that gives you!

Answer 4

It lowers your score first, the dealer pulls your credit and then they send it to banks that pull your credit and that lowers your score.  When you start paying on the loan it will slowly raise your credit score, car dealers tell you that buying a car is one of the best ways to build good credit....it is not, it just puts you in debt and does very little for your credit until the loan has been paid on for years, or paid off.

Answer 5

it depends, it only makes ur credit higher when you pay your car payment on time. and it may raise it 1 or 2 points every 3 or 4 months.  

Answer 6

Not too sure exactly but i do know that every time you get your credit pulled it lowers it a bit.