This is a sponsored post partnered with Mr. Ed’s Auto Loans Approved. All opinions are honest and are my own.
You know it’s about time for you to get another vehicle. Maybe your current car is on its last leg, or your family has grown so you need something larger to accommodate your growing brood.
For most of us, we can’t just purchase a car outright for cash – they’re expensive purchases, after all. That’s why auto loans are the solution for most consumers. We have used a loan for each vehicle we’ve purchased.
If you have a low credit score, though, it can make it difficult to get a loan – or if you do get a loan, it might be one with not-so-great terms. Fortunately, there are steps you can take to improve your credit score, and there are places that exist to help you acquire an auto loan. Mr. Ed’s Auto Loans Approved is a great resource with lots of information – and you can even fill out an application on their site to see about getting approved for a loan today.
Here are three tips for improving your credit score. Start today – you’ll be so glad you did!
- Pay off your debt. This one seems like a no-brainer, but sometimes it can feel overwhelming when you have debt and you can just end up floundering and doing nothing. Be proactive and take steps to pay off your debt, even if it’s a little at a time. And once you DO get your balances lower (or, ideally, gone!) make a conscious effort to keep little to no debt on your cards. Your ratio of debt to available credit is something that weighs heavily on your credit score.
- Be cautious about opening new cards, but don’t close old unused cards. If you open new cards that is just more and more temptation to spend – and you’re also creating lots of inquiries on your credit score to open the new accounts. But if you have cards you haven’t used in a while and they have no balance, keep them open – they help improve that ratio we talked about in point #1.
- Pay bills on time. If you want someone to loan you money, your best bet at being approved is to have a history of repaying other debts responsibly. Creditors look at your history, because how you’ve managed debt in the past tends to indicate how you’ll handle it in the future – and they want to get repaid! Pay your other bills on time, too, and take advantage of auto-pay setups whenever possible, to remove the possibility of you forgetting a payment.