ENA Motors - Building Personal Credit History Quickly Through Auto Loans

Living in America, having no money isn't the most important thing - having no credit is the most important. From small things like applying for credit cards and opening personal phone plans, to major purchases like buying cars and houses, personal credit history is truly important.

How to build credit? Simply put, it's buying credit with money. For example, when we apply for credit cards, each credit card comes with repayment interest, and this interest is not low - 19.99%-24.99% rates are everywhere. If you rely solely on credit cards to build credit, besides the high interest, it also takes a very long time. Many friends have had credit cards for 6-7 years, yet when they check their credit, it's still not high enough - it's really a waste of time. Banks have an important indicator for loans: whether this person has any loan history. If not, they're called a 'First Time Buyer,' and just this point alone disqualifies them from many loan preferential policies.

Buying cars is a relatively good method for building credit. Compared to purely relying on credit cards to build credit, auto loans are much faster and more effective. For example, if you plan to buy a house but currently have no credit and cannot get a loan, the fastest way to establish credit is to buy a car. Usually, you can establish a credit cycle in 18 months, and in 3 years, your credit is basically formed. After the car is paid off, applying for your next loan will have basically no problems. Compared to mortgages that can easily cost hundreds of thousands in interest, that bit of auto loan interest really doesn't amount to much - spend a little money, but save big money.

Additionally, California law stipulates that auto loans can be paid off early, and there are no restrictions on monthly payment amounts. If your monthly payment is $300 but you pay $400, the extra amount is directly deducted from the principal without being counted toward interest. A 5-year loan paid off in 3 years can save considerable interest.

Cars have value, integrity is priceless, ENA Motors, the trusted choice for car buyers in Los Angeles!