Will having a car loan help build my poor credit?

Question

I just purchased a new car with the help of my parents, will the loan help my credit score down the line....?

Answer 1

yes it would a lot

Answer 2

Yes if the payments are made as agreed, it will help your score a great deal.

On joint or co-sign loans when someone looks at your credit they have no way on knowing which person is the primary and which person is the secondary signer. All that will show up on your credit report is either a J for joint or a C for co-sign under the lenders name.

Answer 3

as long because of the fact the lender which you're financed with comments to the credit bureaus? and you're making your money as agreed?Your own loan will boost your credit/score a great deal. between the 1st issues a lender seems for is a few form of installment credit paid as agreed a minimum of 12-months. Financing a motor vehicle is between the suitable issues anybody can do to boost your credit.

Answer 4

It will if you make all of the payments on time and you pay the proper amount each time. Also, find out how often your creditor reports to the credit bureau. That is also a great way to build credit.

Answer 5

"With the help of my parents" tells me that you might have had them co-sign the loan. That means your payment schedule will work for or against their credit score, not yours.

If they gave you money, and the loan is in your name only, then it will work towards your credit history.

Answer 6

Yes, jus make absolute sure u pay ontime. 2 give it a lil boost, pay a lil bit bit more each time if u r able, that'll help alot.

Answer 7

It will help you..only if the loan is under your name,,,,,,

Answer 8

It will if you make all your payments on time. each month. Otherwise, it will hurt you more.

Answer 9

if you make all the payments on time yes..