How Long Does it Take for my Auto Loan to affect my Credit Score?
Wondering how long it will take for your car loan to build your credit history up? Choosing financing over paying in cash will help build your credit rating as long as you pay responsibly and keep your payments on time, but there is no specific time frame for this credit-building strategy. Remember the salesman wants you to sign on the dotted line as quickly as possible. If he convinces you to choose the dealership’s financing making payments for a year and a half, he’ll get commission and the dealership will make money from interest!
In order to build your credit, it doesn’t matter what financing option you go with, dealership or through another lender, as long as you make timely payments. Making sure your payments are on time is a good way to build credit so make sure not to miss any payments!
For more information visit our website at www.pioneercreditcenter.com
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