Staying on top of your car payments can be an important part of
building and improving your credit.
When making payments on a car loan or auto financing, keep in mind
that many creditors report your payment history to the three major
credit reporting bureaus: Equifax, Experian and TransUnion. If you
miss a car payment or make a late car payment, it may negatively
impact your credit.
Here are three ways you can stay on top of your car payments and
other bills to avoid negatively impacting your credit:
Know when your payments are due Writing out a list of your bills along with their due dates
is a good way to keep track of when your payments are due. If you
find that your payment due dates are scheduled for different times
over the month, maybe set up a few days a month to make payments so
each bill is paid on time or a little bit earlier.
Devise a system for making payments While setting up automatic bill payments may improve your
ability to pay on time, you may not be able to or want to pay
everything automatically. For bills that you pay manually (the
old-fashioned way), you can either: 1) pay the bill right away or 2)
schedule a recurring time to review and pay your bills.
Set recurring payment reminders Setting bill payment reminders on your calendar or on your
phone is another way you can keep track of your payments. Whether
you make payments automatically or manually, reminders can help
notify you that it’s time to make a payment or check if an automatic
payment has been made.
Are you currently in the market to purchase a vehicle and need
to get approved for auto financing? A car dealer enrolled in the
Credit Acceptance auto finance program can help. Just fill out the Start
Your Credit Approval form on our website to get started!