Question about new car loan.

[Runes911]

I have a car loan that I will be paying off soon. I want to get a new car asap because I am borrowing one with no A/C. However, if I pay my loan off how long will it take to get to my credit report? I don't want to be denied because I have a previous car loan, even though it is paid off but not showing as such on my credit report.

 

[TheSiege]

it shouldnt be more then a month, it might get reported on the 1st of last day of the month, depending on what bank you went through

 

[Runes911]

Originally posted by: TheSiege
it shouldnt be more then a month, it might get reported on the 1st of last day of the month, depending on what bank you went through

*sigh* Yet another month of no air. *cries*

What makes it so bad is that I am used to working in a server room with <65 degree air, then having going to a 110+ degree car.

 

[j00fek]

credit unions report every 15th of every 3rd month, banks i have no clue.

 

[PingSpike]

Originally posted by: Runes911

Originally posted by: TheSiege
it shouldnt be more then a month, it might get reported on the 1st of last day of the month, depending on what bank you went through

*sigh* Yet another month of no air. *cries*

What makes it so bad is that I am used to working in a server room with <65 degree air, then having going to a 110+ degree car.

I feel your pain. But at least an end is in sight for you...we just bought a new car...for my wife. Which means the majority of the time I'll still be driving my no options heap!

 

[jupiter57]

I would think that You should be OK.
My daughter had a credit report ran a couple of years ago, it had the original loan amount plus showed the remaining balance.
It didn't, however, show any of the past loans she had paid off, for some reason.
So even if it's not showing "Paid Off" on the credit report, it should show that you have only 1 payment remaining. That should satisfy any lender!

 

[JulesMaximus]

Originally posted by: Runes911
I have a car loan that I will be paying off soon. I want to get a new car asap because I am borrowing one with no A/C. However, if I pay my loan off how long will it take to get to my credit report? I don't want to be denied because I have a previous car loan, even though it is paid off but not showing as such on my credit report.

Your credit report will show how much you have to go on your current car loan so that wouldn't be a negative. If you were late on payments on the other hand, that would be a negative.

After you pay it off it should reflect on your credit report within 30 days.

 

[JeffreyLebowski]

Wait, you're paying off a car loan, but you're borrowing a car with no A/C???

 

[Scarpozzi]

Check to see what rates you can get. Go for a used car loan at a credit union and you'll get a better rate than the banks or car lot financing options.

 

[mrchan]

Originally posted by: JeffreyLebowski
Wait, you're paying off a car loan, but you're borrowing a car with no A/C???

Yeah, I don't get it either.

 

[funboy6942]

As long as you have the ttile in hand signed off it wont matter if it is still on your credit report or not.

 

[compuwiz1]

You should be able to get another car loan, as soon as you pay off the first, but most likely will have to provide proof it is paid in full.