Does Buying a Car Help Your Credit?

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When you're driving away from the dealership in your brand-new car, you're probably not asking yourself, “Does buying a car help your credit score?”

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Let's find out how your credit score could be impacted by signing that car loan.

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Top Ways Buying a Car Affects Your Credit

Here are a few ways your credit score is affected when you decide to buy a vehicle.

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A hard inquiry will lead to an automatic lowering of a few points of your credit score for a couple of months.

Hard Inquiry

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Acquiring Debt

Once you buy a car and acquire a loan for it, your credit report will reflect the additional debt that will impact your credit score.

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Making Timely Payments

Payment history is one of the most significant factors that affect your credit score. By making timely payments, you can enhance your credit score.

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Managing Your Credit Mix

Your ability to manage a mix of various types of credits proves that you are creditworthy and will give your credit score a positive boost.

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