Consistent Payments:
When you finance a car through B&G Auto Sales, your regular, on-time payments are reported to the credit bureaus. This consistent payment history can positively impact your credit score over time.
Credit Mix:
Lenders like to see a mix of different types of credit on your report. Adding an auto loan to your credit mix can show lenders that you’re capable of managing different types of credit responsibly.
Lower Credit Utilization:
If you’re using a large percentage of your available credit, it can negatively impact your credit score. By adding a car loan to your credit profile, you’re increasing your overall credit limit, which can lower your credit utilization ratio.
Building a Relationship with a Lender:
By successfully paying off your auto loan, you’re building a positive relationship with us as your lender. This can open up opportunities for future loans with more favorable terms.