My credit is pretty poor. How do I build it up so I can qualify for a car loan?

Answered by Car Loans Expert Johnny on December 29, 2020

With my current credit score, it's unlikely that I'll get a loan. I'm open to any suggestions you have for improving my credit.

expert avatar

Johnny

Car Loans Expert

Although making all of your payments on time is a big factor when it comes to building your credit score quickly, there is more to it than just that. Keeping your credit card balances low and not applying for more credit will also help get your score back on track. You should also keep all of your old credit cards open because closing a line of credit can negatively affect your score.

If you need a car now, there may be lenders that are willing to work with your bad credit. Although the interest rate on a bad-credit loan can be high, refinancing is usually an option after six to 12 months of on-time payments.


Car Loans

Have an insurance question?

Our insurance agents are ready to help you, for free.

Ask your question, it’s 100% free
Recommended
Thousands of customers saved on average $887/year on their car insurance with Jerry
This app is great, but the customer service is even better! Not to mention convenient! My husband and I got the lowest rate (much lower than the rates I was finding online through my own searches), quickly, and pretty much all through text message! Thank you so much for a hassle free experience👍
Gabriella R.
Find savings (100% Free)
stars4.6/5 Rating on App Store