Should I get a cheap car loan to help boost my 700 credit score?
"My credit score is around 700, but the lack of installment loans is hurting it. I want to get a car loan to boost my credit score. Is getting a cheap car loan a good idea?"
“If you’re talking about a very cheap car loan, remember that many lenders won’t touch a car that’s over 10 years old. In that case, you may have problems finding a car that lenders are willing to finance.
My recommendation is to go to your credit union. Typically, they’ll offer somewhat cheap personal loans or savings loans that fall under the installment loan umbrella. These can often be as little as $500, so you won’t break the bank by getting one. That’s probably your best option.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Will AAA tow my Nissan Versa if it has a broken starter?
I'm not sure if this is covered under my policy. Should I call them, anyway?
Jul 22, 2021
Will my car insurance go up after an accident I never reported?
About eight months ago, I got into a minor fender bender where I was at fault. The damage was negligible and no one was hurt, so no claim or police report was made. Will this accident affect my insurance premium?
Apr 12, 2021
What is dollar a day insurance and can I purchase it in New Jersey?
I've heard of dollar a day insurance to help cover medical payments. What is it and how do I qualify?
Jul 22, 2021