Did you know that an auto loan is one of the smartest ways to rebuild your credit? That's right, securing a used car loan through Excellent Choice Auto Sales can help you gradually improve your credit score and financial situation. And who wouldn't want to do that? Let's look at why car loans make for one of the best ways to rebuild your credit rating.
You may have thought that all forms of financing were the same in regards to how they can affect your credit standing. The good news for drivers with bad credit is that used car loans can make more difference in building or repairing your credit than other options, like credit cards.
Auto loans hold a key advantage over unsecured lines of credit, such as credit cards. The credit bureaus consider a vehicle as an asset as collateral against the loan. By making payments on time, most drivers are in a position to refinance their loan or trade into a new vehicle at a much better rate within a matter of 12-18 months.
A car loan is typically a significant financing endeavor, so if you consistently make all of your payments on time, you could see a drastic increase in your credit score over the life of the loan.
Improve Your Credit Score with Help from Excellent Choice Auto Sales
Whether you have yet to build any credit and are shopping for your first car or you're looking for a quality used car to help rebuild your sub-prime credit rating, Excellent Choice Auto Sales can help! Our Everett, WA, area used car dealerships offer hassle-free financing solutions for drivers of all credit situations around Marysville and beyond.
We work with bad credit car buyers from Seattle to Redmond to secure used car loans that help them improve their credit rating in as little as months! Let us do the same for you by contacting our finance folks.