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Can a car loan improve your credit?
I’m trying to find ways to improve my credit score. Does taking out a car loan help it?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Improving your credit will give you access to many benefits in the long run, but it’s a slow process. Taking out a car loan won’t cause an immediate increase in your credit score: in fact, it will do the opposite. This is because you have just taken on a large amount of debt.
However, as you continue to pay the loan off, you will build credit. It’s important to pay on time each month to reap maximum benefits.
While you’re playing the long game with your credit score, consider some ways you can save money in the short run.
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