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How an Auto Loan Can Help to Rebuild Your Credit Score

How an Auto Loan Can Help to Rebuild Your Credit Score

If you currently have a bad credit score, there is good news. There are a few different ways that you can raise a bad credit score. One of the easiest ways to get a higher credit score is to start making regular payments to your lender. Keep reading to find out how a car loan can help to raise your credit score.



How Low Can a Credit Score Get


Credit scores start at 300 and can go up o 900. When you get a loan, your score will go down every time you miss a payment.  An average score is around 650. Any score that is 650 or higher is considered to be a good score. Anything under 575 is considered to be a bad score. If your score needs improvement, you need to try and make every payment to your lender on time.


How Can an Auto Loan Help Improve Your Credit Score?


Getting a new loan on a car can actually help your credit. You will want to make sure that the monthly payments are well within your budget though. As you continue to make your monthly payments on time, your score will continue to rise.


There are other types of loans that you can get, such as a credit card loan in order to raise your credit. However, a car loan is usually the more favourable method of raising a credit score because your monthly payments will not fluctuate from month to month. And if you know exactly how much money you are required to pay each month, you are more likely to make your payment on time.


Shopping Around For the Best Car Loan Rate


While getting a car loan is a great way to raise your credit score, shopping around for a car loan is not advised. Every time you go to a new dealership to see about a loan, the dealership will be required to run your credit in order to give you an accurate quote. Having your credit rn multiple times can actually make your credit score go down.


Luckily, at Lethbridge Trucktown, we have the perfect solution. We work with over a dozen of the best lenders in Canada to ensure that you are getting the best rate possible. By going to us, you are able to multiple quotes for your loan while only having your credit ran one time.



If you have bad credit no credit, we can help you out with an affordable car loan to help repair your credit fast. Because we work with so many different lenders, we are able to help you out no matter what your credit score looks like. As long as you have a job, we will be able to get you an affordable loan payment set up and you will be able to drive off with your new car on the same day.


At Lethbridge Trucktown, we understand how difficult it can be trying to find an affordable car loan when you have a bad credit score. That is why we work hard to ensure that no matter what your credit score s, you are able to drive away with a nice car and affordable payment that you are comfortable with. If you are looking to raise your credit score fast, contact our experienced finance department today and let us help you improve your credit.


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