Taking out any type of loan impacts your credit rating. And even simply applying for one can alter your score. That’s why we provide a zero impact affordability calculator to assess your chances of acceptance. If you fail to make your payments on time once the loan is up and running, this will have a detrimental effect on your credit rating. This is why it is essential to consider every angle carefully before signing up. If, however, you meet the terms of your loan agreement without any missed payments, your credit score may actually improve.