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"Is getting a car loan a good way to build up my credit? "
Years of late payments have hurt my score, so I'm trying to build up my credit any way I can.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There are better ways to build your credit, but as long as you make your monthly payments on time, getting a car loan will raise your
credit score
because it adds to your payment history. You can expect an increased credit score after a few months of on-time payments. Just be aware that building credit alone is not a good reason to buy a car. View full answer
- Gregory R.
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