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How long does it take to establish credit?
Will I need to have my credit card for a long time before I establish my credit? I want to start applying for car loans but I don’t have any credit yet, so I doubt that I would even qualify.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It typically takes three to six months of regular activity to establish credit. However, you can still apply for car loans before you’ve built your credit—it’ll just be a little more difficult to find a
good interest rate
.To try to get a better rate, you can do things like:
- Making a large downpayment
- Borrowing through a lender who specializes in low credit loans
- Opting for a longer repayment term
- Providing another type of evidence for your good financial standing, like bank statements or proof of income
Remember that you’ll also need to find a car insurance policy for your new vehicle. Check out the
Jerry
app, where you can see a list of car insurance quotes that work for you in just minutes. The average user saves $887 per year, so you’ll be sure you’re getting the best rate without all of the paperwork and long phone calls.View full answer
- Gregory R.
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