How To Rebuild Your Credit Score With An Auto Loan

 

If you're looking to repair your credit, our Village Chrysler Dodge Jeep Ram dealership is here to help. An auto loan is one of several surefire ways to rebuild your credit score, and our first-rate finance department is happy to facilitate the process. Those based in Ajax, Ontario or any of the neighbouring areas of Whitby, Oshawa or Pickering can visit our dealership and be on their way to an improved credit rating today.

 

Since payment history accounts for over a third of your credit score, an auto loan's regimented payment plan is ideally suited to repairing your credit and building trust with potential lenders. Not only does an auto loan grant you the new credit that contributes to 30 percent of your rating, it often comes with accommodating interest rates since your vehicle will act as the collateral. As for the length of your loan, we recommend keeping it open for at least a year - even if you can pay it off sooner - in the interest of building a reliable payment history. Contact us at Village Chrysler Dodge Jeep Ram to obtain your auto loan and begin rebuilding your credit score.

 

Before visiting our dealership to secure your auto loan, we'd like to impart a few pointers that will serve you well throughout the process. Firstly, we recommend tending to any existing credit commitments and bringing them up to date. This will make obtaining an auto loan a far less stressful affair. You'll then want to save up a down payment of at least 10 percent of the vehicle price, which will lessen the risk for all involved and leave you with a more manageable sum to pay off. So long as you stay true to your budget and complete your auto loan payments on time, you should see some improvement in your credit score in relatively short order.

 

If you're ready to repair your credit with a secure and flexible auto loan, visit our dealership today and start by getting acquainted with our new inventory.