How to strategically get an auto loan to diversify credit and improve credit score

[ACsteel]

I was wondering for example if you guys had the full payment for a car how would you go about getting a loan just to improve your credit?

In my experience with school loans when I first owed the entire school loan my credit score lowered little bit. After my school load was paid down 65% and lower, until totally paid off, my score shot up real nicely. Would it be the same with an auto loan? Would it be smart to say get an auto loan, and in the first month knock it down 80%, and let it ride for a few months before paying it in full early?

Please share your auto loan experiences, thanks.

[sccredit]

The maximum benefit from an auto (or any installment loan) comes after month 36.

[pizzadude]

---

@sccredit wrote:

The maximum benefit from an auto (or any installment loan) comes after month 36.

---

I'm not aware that FICO scoring yields any gain when an installment loan becomes 3 yrs old.

The benefit would come from an improved mix of credit;  FICO08 scoring has been noted to like at least one open installment loan, whereas older FICO models aren't quite as sensitive.

Would I recommend opening a car loan just to get a better mix of credit?  Probably not, unless you're planning on shopping for large ticket items in the future, i.e. another auto, mortgage.