Does Your Credit Report Show How Much You Pay on a Car Loan?

As long as your auto loan provider reports to a major credit bureau, your credit report shows how much you pay for your car loan. Your credit report also shows how many payments you've made, the balance left on your loan, and how many times you've paid your loan late, if applicable.

Auto Loan Reporting

Under most circumstances, your car loan and payment history is reported to the three major credit bureaus. A buy-here-, pay-here lot may not report your loan payments to the credit bureaus. A buy-here, pay-here lot is not a regular auto loan provider. This type of dealership allows buyers to pay the dealer directly for a vehicle. To determine if your car loan and payments are reported to the credit bureaus, obtain a copy of your credit report.

Monthly Payment Reporting

The total amount of your monthly car payment is reported on your credit report. Some lenders may report to one or all three of the credit bureaus. The amount of your monthly auto loan payment in addition to other debts listed on your report is used to establish your debt-to-income ratio by other credit providers. If you apply for another loan or line of credit, potential lenders review the amount you pay out in debt each month and compare it to the amount of money you claim to make, which is usually established by proof of income, such as a pay stub. Do not lie about your monthly car payment amount.

Other Loan Information

Your credit reports also lists the total balance of your loan. Lenders can view the initial amount you borrowed and your current balance. This can also affect your chances for another line of credit. A new loan account with only two payments does not prove good credit. After time, consistent and on-time payments raise your credit score and establish a positive payment history. Any late payments are also reported on your credit history. Potential lenders can view the number of times you've been late and how late you were each time.

Considerations

If you plan to trade your financed vehicle into a dealer toward another purchase, your monthly payment for your current auto loan is considered as paid. Your car payment will not be considered when determining your debt-to-income ratio, as a dealer must pay off your current loan in order for you to trade in your car. If you have a cosigner for your current loan, this is also reported to the credit bureaus. If you cosigned for someone else, the debt is still listed on your credit report and the monthly payment amount is used to determine your debt-to-income information.