How to Build Credit by Purchasing a Vehicle

Nov 20, 2020

Woman checking her credit report

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Can Buying a Car Improve Your Credit?

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A major concern for car buyers is their credit score. Will Irnbe accepted for a car loan? Can purchasing a vehicle improve my credit? Therngood news is that you can build your credit by buying a car. Here’s how yournshould do it.

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[ READ MORE: Tips to QuicklyrnBuild Credit ]

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Paying Off a Car Loan

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The best way to build credit with a car purchase is to takernout a car loan and continue making payments. As you pay on time over a longrnperiod of time, like three years, you will prove that you are responsible withrnyour money and your credit score will see an improvement.

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However, you will need to be careful. While car loans canrnhelp buyers improve their credit, this can hurt your credit if you are late onrnpayments. Bottomline, you should only take out a car loan if you are fullyrnprepared to pay the agreed amount plus interest on time.

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Apply for a Car Loan at OkCarz

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Finding the right car loan to start building credit is difficultrnwhen you have bad credit to begin with. Here at OkCarz, we provide car loans tornbuyers with a variety of financial situations, including those with norncredit or bad credit. If you need an affordable and reliable car and want tornimprove your credit score, consider contactingrnour team at OkCarz. We will help you find the loan that is right for your financialrnbackground.

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Need a car loan? Aren’t sure what your credit score is? Fill out this online form for pre-approval right at home! Once you get pre-approved, stop by OkCarz to check out our vast variety of used vehicles to choose from.

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Happy couple shaking hands with a car salesman