Learning Your Credit Score

One of the most important factors in financing your used car is your credit score, which is generated from a number of reports. Sometimes called a FICO score, it ranges on a spectrum of 300-850 based on reports from major credit bureaus. The higher your credit score, the better.

A higher credit score will make it easier to obtain a loan from a lender. If you want to learn what your credit score is, you can find out directly through these bureaus. Alternatively, you can ask your bank or credit card company since many credit card lenders let cardholders see their credit scores

Your credit score is calculated based on numerous factors: the number of accounts you have open, payment history (on time is best), and other pieces of information. Lenders want to know you’ll be able to make payments on your loan on time, which is estimated from your credit score.

Down Payment

Financing a used car is easier and more achievable when you can make a down payment. This is a lump sum paid toward the total value of the vehicle, meaning the amount of your loan will be reduced. When you make a significant down payment, you’ll have an easier time getting approved by a lender.

What happens when you offer a well-portioned down payment? Not only does the total amount you’ll need from your loan go down, but it also makes your monthly payments easier. Whether that’s through less money paid per month or fewer months of payments, you’ll have a manageable time with your loan.

Visit Our Finance Center

When you’re ready to start the financing process, visit the experts in our finance department. Our friendly staff will help you through each step to ensure you have a deal you can be confident in. They’ll even speak with local lenders on your behalf to secure a fair loan for you.

You can even get started on our website! When you apply for financing online, you’ll get a look at what your loan options are. That gives you extra information to prepare, so you’ll also save time on your visit to the dealership.