Does buying a preowned vehicle really help me reestablish my credit?
Yes, when checking with the credit bureau, many lending institutions look at automobile loans closer than any other type of loan (other than home loans) to verify your credit standing. Secured credit cards are no help at all–you are really borrowing your own money with the glory of having a piece of plastic in your wallet. Buying a car from a “buy here, pay here” lot that does not report to the credit reporting agency is simply not very smart because it does not help your credit record at all.
