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Another benefit of car loans [Video]

Posted on Monday, November 14, 2016 at 8:03:02 PM

The automotive lending market has been booming of late, with a record number of Americans taking out loans to purchase new and used vehicles. These loans might actually have more financial benefits than first meets the eye, though, and are worth knowing before making a decision to apply for one. 

Auto Credit Express reported that one study looked at two groups of individuals, both having an average credit score of 550 or less, and one taking out a car loan while the other did not. According to the news provider, the group that did see significant improvements to their credit scores, with the average increase being 62.5 percent higher than members of the group who did not take out an automotive loan. 

If you are interested in rebuilding your credit, a car loan might be just the ticket. Speak to a representative from you local, community bank to get a personalized perspective on how a car loan might impact your credit score and other components of your financial standing.