Impact of paying off Auto Loan, getting a new one?

[Winchester2005]

Hello-

My car was recently stolen, and am needing to get a new auto loan. What would the impact be to my score if my old auto loan (that was 25% paid off) is replaced with a new one?

Also currently only have 2 inquiries on my report, and my overall revolving utilization is at 31%. Current transunion score is 743.

Wondering if there would be a significant impact to my fico with an additional inquiry and a new auto loan replacing my old one 

Let me know if I could provide any more details 

[pizzadude]

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@Winchester2005 wrote:

Hello-

My car was recently stolen, and am needing to get a new auto loan. What would the impact be to my score if my old auto loan (that was 25% paid off) is replaced with a new one?

Also currently only have 2 inquiries on my report, and my overall revolving utilization is at 31%. Current transunion score is 743.

Wondering if there would be a significant impact to my fico with an additional inquiry and a new auto loan replacing my old one 

Let me know if I could provide any more details 

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The impact to your FICO scores may depend on the timing of when the old loan is reported closed / paid.    If this happens prior to the new loan reporting, and if it's your only open installment loan, then you may lose approx  20  - 30 points as a worse case scenario. 

[Winchester2005]

Would this be temporary? As in if the old loan is paid off theb the new one reports the score would then cure?

[pizzadude]

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@Winchester2005 wrote:

Would this be temporary? As in if the old loan is paid off theb the new one reports the score would then cure?

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Yes your score will eventually recover, however It's hard to say how long it will take as the new loan would be reporting with 100% utilization, plus any inquiries associated with the new loan will also slightly ding your FICO score. 

[SouthJamaica]

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@Winchester2005 wrote:

Hello-

My car was recently stolen, and am needing to get a new auto loan. What would the impact be to my score if my old auto loan (that was 25% paid off) is replaced with a new one?

Also currently only have 2 inquiries on my report, and my overall revolving utilization is at 31%. Current transunion score is 743.

Wondering if there would be a significant impact to my fico with an additional inquiry and a new auto loan replacing my old one 

Let me know if I could provide any more details 

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I don't think it would have significant impact, once the dust settles on the reporting to the bureaus.