Build Your Credit with a Used Vehicle
At Donohoo Auto, we know how important it is to find reliable transportation. We also know how stressful shopping for a new car can be with no credit or damaged credit. Fortunately, our financial experts can help with that.
At the Donohoo Auto Financial Center, we'll work to find a payment plan that works for you and your budget. After getting approved for your car loan with us, you can start revitalizing your credit by making timely payments each month. Paying a car loan is a great way to rebuild a poor credit score, or even build new credit for first-time buyers. Read on to find out more about how a used vehicle from Donohoo Auto is not only a reliable investment for you and your family, but can help improve your credit profile!
How Can a Used Car Loan Build My Credit?
Yes, taking out a loan really can help you build your credit—but only if you do it right. Here's how to let your loan help your credit instead of hurt it:
- Make On-Time Payments: On-time payments show credit bureaus you're reliable. Build your credit by making payments on or before due dates each month.
- Length of Credit History: As the loan ages and you continue to make on-time payments, your credit history will strengthen as you prove yourself to be consistently financially sound.
- Build your Credit with a Loan: It may seem counterintuitive, but having no bills or payments can hurt your credit score. The only way to show your credit-worthiness is to consistently make payments, and paying an auto loan is a great way to do that.
- Variety of Credit: Your credit score will be affected by a variety of credit types. For example, you wouldn't want all your credit usage to come from credit cards. Instead, an even mix of credit cards, car loans, and mortgages shows greater credit-worthiness. A car loan can help you round out your credit profile and improve your appearance from a financial standpoint.
As long as you follow these guidelines with your used car loan, you'll be well on your way to a strong credit score!
Building Credit with an Auto Loan from Donohoo Auto
Everyone goes through financial challenges. Don't let a rough past keep you from enjoying your future. If you're looking for a way to rebuild your credit while also benefiting from a long-term investment, a used auto loan on a high-quality vehicle from Donohoo Auto can do both! Browse our extensive inventory of pre-owned cars, trucks, and SUVs, and when you've found your perfect fit, let an auto loan help you revolutionize your credit score. It's easy to do, and you'll get a fresh start on life.
To get started, fill out our secure credit application or contact our financing team. We can't wait to see you drive away in a superior used vehicle from Donohoo Auto!