So it may not come as a shock, but making your car payments (well actually any loan payments) on time can help you build or rebuild your credit.
Did you know that up to 35% of your credit score is based on payment history?
It is, and it is the largest single component to your payment history. This includes car payments, mortgage payments, credit card payments, student loan payments, etc.
Some used car lots with buy here pay here programs do not report to the credit bureau. That’s true. Mark’s Auto Sales however does. Not only do you have a car, and a loan, but it is your stepping stone to improving your credit.
While your payment history stays on your credit bureau for years, lenders also look at recent payment history. If you’ve had bad credit and late payments in the past, but are now making your car loan payment, credit card payments, etc on time, they may be more generous to you when you need credit extended again in the future.
While we’re not credit counselors we’re glad to talk to you about buy here pay here car loans, our inventory, and how you can work to rebuild your credit. If you are from the Denver metro area and are looking to buy a used car, please contact us for help at 877-792-4170!