Can I Improve My Credit Score with An Auto Loan?

Car Dealership

Looking for good ways to build credit but not sure where to start? An easy, reliable way to help give your credit a boost has always been through a car loan. For starters, it will have an impact of both your credit report and your credit score. In the long haul, paying the loan on time will also help you establish or rebuild your credit, and improve your credit score. Repayment will also improve your eligibility to receive other types of loans, such as a mortgage, personal loan or credit card.

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Boost Your Credit By Buying a Used Car

Couple looking at documents

When you’re looking to buy a used car, you may think that you need perfect credit and excess money and that if you don’t have either, getting a loan will be difficult. There are dealerships out there that are willing to help people who need to build their credit, require a smaller down payment (than a typical dealership), and will help provide you with a solution within your means. The goal is to build your credit while having reliable transportation. Combining research and awareness often times leads used car buyers to find dealerships that offer $500 down programs as a possible solution.

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