Will a Car Loan Help Improve My Credit if I Have Bad Credit?
Yes as long as you stay current on your loan and eventually pay off the debt, your credit record will gradually improve.
Why get a car loan and what are the advantages ?
Keep your cash in the bank
Taking out a car loan, means you get to keep the purchase price of the vehicle in your savings account, as you never know what the future has in store for you.
Getting a car loan gives you many advantages. Such as having the selection to buy a more suitable car for your needs, or allowing you to have more options in the choosing a car. In this case buying a newer model would be your best bet in terms of saving money. In long term a used model would just end up costing you even more in repairs and maintenance then a newer model. So you’re actually saving huge money down the road compared to the high costs of replacing the parts of an older or used car.
Another great advantage of having a car loan is that you’re able to make your car actually much easier to pay for. Having a car loan permits you to track and spread the cost of the car over a longer period of time, which means you’ll always know exactly how long it will take for you to pay the loan and where you stand with your monthly payments with the loan until It’s completed.
Keep in mind that successfully getting a car loan is much easier through Loans SOS as opposed to a standard bank. Even if you have bad credit, you can still get a car loan with Loans SOS. Many people who aren’t able to buy a car in any other way find that car finance is life changing. Example ; Being mobile will definitely increase your chances of finding work, especially today where most jobs require mobility and sometimes
Another key to getting car finance as opposed to a standard loan is that it comes with many positive perks. One of these perks being that if you buy your car from the same company that provides you with the loan, they may provide services and omit fees that standard financial institutions wouldn’t. This gives added value to your loan that you wouldn’t have been able to get with a bank.
An APR which stands for annual percentage rate describes the interest rate for a whole year instead of just a monthly fee/rate on your loan. Whatever APR you get from your car loan will be advantageous. This stabilizes your repayments and interest rates on the repayments, which means you wont have to worry about your payments increased.
Apply for your car loan today and take advantage of the many advantages with Loans SOS.