The Credit Queen is focused in helping re-build your credit rating with an auto loan. Regardless of your credit situation, we can help. Sometimes we find ourselves in situation that unfortunately, are beyond our control.
Loss of employment, divorce and illness are a few circumstances that can take place in anybody’s life causing missed payments, collection, repossession and sometimes bankruptcy. Going through these hard times can make one feel defeated. And unfortunately, the traditional lenders do not entertain a loan for anyone with bad credit. Therefore re-building your credit is important to restore borrowing privileges.
Re-building Credit With An Auto Loan
An auto loan is the quickest tool used to re-building credit. It is considered an instalment loan and is the next best thing to a mortgage. This is especially helpful for those who’s credit have suffered and are hoping to acquire a mortgage in the near future. The key to re-building credit is to get into an auto loan for a vehicle that provides a doable and comfortable payment that you can meet monthly. In order to qualify and start re-building credit.
Full time employment is necessary. Stability with employment and income is what will qualify you for the loan.
Re-building credit takes about 2 years of meeting your obligations on time no fail. Making sure that all obligations outside of the auto loan if any, are also being met. Credit card balances should be paid off in full whenever possible.
Avoid numerous enquiries and limiting yourself to a maximum of two credit cards will also help in re-building credit.