Paying off loan; score drop?

[noobafterbk]

so now I need to look for a new vehicle after having it totalled by a drunk driver.

my question is, now that I get to pay off my existing car loan with the settlement will my score drop or improve (auto enhanced I guess will be most effected) and if so should I buy my new car prior to settling the existing loan. I want my score to be as high as possible fico 8 686 right now so any drop would possibly place me in a new APR bucket or affect my loan financing.


any help would be greatly received

[Anonymous]

It will take a while for your paid loan to be reported to the credit bureaus. That stuff doesn't usually happen overnight. Do you have any credit card balances you can clear to maybe help boost your score quickly? Some banks will update your report right away if you pay down to zero.

[RonM21]

If that is the only installment loan you have the score may drop due to the credit mix.