How Can I Improve My Credit For a Car Loan?

In order to get approved for a car loan your credit rating has to be decent. A car loan is just like any other purchase made on credit. The creditor would take a look at your credit history to see how you have repaid your debt obligations in the past. In particular, they are looking for how long you have made consistent payments on credit cards, previous car loans as well as your mortgage payments if you have one.
Your history does not have to be perfect but you want to at least have a couple accounts on your report that have a good payment history. To be a little more specific, a good payment history would be defined as monthly payments on a credit account for a period of 6 months to 1myear. If you currently don't have any the first way I would suggest to improve your rating would be to apply for a secure credit card.
There are credit card companies that specialize in helping consumers rebuild their credit by issuing a card with a down payment as collateral. You would deposit a certain amount of money with the company, and they will issue you a credit card with your limit being the amount you deposit. You want to begin to use the credit card for everyday purchases and make the monthly payments when the bill arrives. Each payment that you make will be reported to the three bureaus, equifax, transunion and experian and your rating will begin to get better.
You want to also make sure that old negative accounts are no longer on your reports. Especially negatives such as collection accounts, bankruptcies, and most importantly repossessions. A car lender will frown on these types of entries and you want to have them deleted at all cost.
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