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Question about car loan credit check

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Frequent Contributor

Question about car loan credit check

I am selling my car to a private party one day and buying a new car the next day. Will the new car credit check know that I have paid off that old car loan so quickly? 

 

The old car loan is $10,000 and the new car loan will be for $23,700. I have a 780 credit score with no bad marks.

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4 REPLIES 4
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Established Member

Re: Question about car loan credit check

It is highly unlikely that the credit bureaus will have updated your report to reflect you paying off your car loan in one day. The lender will barely have had time to start the paperwork, let alone send the updates to the bureaus.

Message 2 of 5
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Frequent Contributor

Re: Question about car loan credit check

+1 it won't show as paid but unless you have low income it really should not matter at all.

Message 3 of 5
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Frequent Contributor

Re: Question about car loan credit check

Thank you
Message 4 of 5
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Established Contributor

Re: Question about car loan credit check

When you pay off the old car loan you should get a receipt that shows it paid in full. That receipt should make the whole issue moot.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810 Finally made it into the 800 club on all 3 Bureaus - only took 25 years.
8/29/2020 EX 776 EQ 761 TU 768 - I paid off my mortgage and car loan and am debt free forever, and FICO threw me out of the 800 club as a reward
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