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Does getting preapproved for a car loan impact your credit score?
My mom told me that I should get preapproved for a car loan before I shop for a car. I'm worried about what this might do to my credit score. Does a preapproval affect your credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, getting preapproved for a
car loan
can hurt your credit score. But don’t worry—it’s only temporary.When you get preapproved, the lender will conduct a hard inquiry on your credit report. This may result in a drop of five to ten points on your credit score. However, credit bureaus allow you to get as many hard inquiries as you want over a 14-day period, and they all count as just a single hard inquiry. So it makes sense to shop around for the best rate during this time.
If you’re shopping for car loan rates, you should also start your search for car insurance. If you’re taking out a car loan, you’ll need full coverage car insurance. Using the
Jerry
app, you can compare rates from over 50 car insurance companies to find the best rate for your needs.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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