I was approved for an auto loan a week ago. I purchashed the car that day. I don't see it on my reports yet so I'm guessing it will start reporting after the first payment due date. Is that correct?
I leased a car in March 2015 and it didn't show on reports until that June!
|FICO 8 SCORES: 06-04-2020||633 TU||656 EX||652 EQ|
I'd just wait and enjoy the car.
Bought a car exactly a month ago. Nothing yet.
The previous car took about 2 months to start showing up.
The reason is I ask is I paid my other auto loan down to 8% from 27% before I applied for the new one. I'm hoping the new loan doesn't report until after the old one does. I'm courious to see if I gain any point. I know they will be temperory until the new loan hits my reports.
In my experience it can take 1 to 3 months to show Typically 1-2 but I have seen some people say 3 months just be patient and Congrats on your new vehicle!
OP - If you are still looking for DPs.
My new account started reflecting from yesterday. Bascially all my alerts fired informing me of it, prior to me checking it.
Car bought 12/28 (HP)
New account reported 02/07
Hyundai Motor Finance
Thanks for the info! I'm going to check my reports this weekend. No alerts to tell me the loan is reporting so I should be able to see if I ganined any points from paying my first loan to under 9%. My EQ08 score gained 3 points a fews ago so it was probably from that. Then I'll get to see what happens when the new loan starts reporting.