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Car flooded, need loan

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Frequent Contributor

Car flooded, need loan

Hey All,

Due to bad weather, I have lost my car. I have comprehensive and filed a claim, but the car isn't worth much so not going to be a ton of help. I just got preapproval from my CU up to 12k. That's the max I think I would want to do, probably more than what I want. I added 5 new ccs in the last year and paid off a car loan. How does adding a new car loan look to my cc lenders? Does aa happen with getting installment loans?

I'm so sad about my car. This is a very unexpected expense and, of course, at the worst possible time financially. Would expect nothing less. Lol. At least ot should only get easier from here, right? I have some balances in 0 apr getting paid down right now, which will probably be paid slower. How does this affect my credit and look to other lenders?

Thank you.
1 REPLY
Valued Contributor

Re: Car flooded, need loan

Generally the addition of an "installment" type loan such as a car loan will help or increase your scores. Car loans are not weighed the same as revolving (credit cards) and while you might see credit report comments say something like "high utility - loan balance" that does not reflect in scoring as a negitive factor - it actually helps your overall credit report.  

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