At Brunswick Auto Mart near Cleveland, OH, we know buying a new car can be a huge decision financially. So that’s why we’re here to share some information about how to make sure your finances are in top shape as you start the car-shopping process. Read on for more information about credit scores and how to improve your chances of getting a good interest rate.
Keeping an eye on your credit score is important to your new car purchase regardless of if you go with a Chrysler, Dodge, Jeep, or RAM model. Your credit score will be a primary factor in determining financing interest rates and, therefore, the affordability of the vehicle you would like to purchase.
Your credit score is basically a number assigned to you based on how much credit you have had access to through loans, credit cards, etc. and how reliable you have been with using that and paying back what you owe. The higher your score, the more likely you are to be approved for future loans and given low interest rates.
You can avoid having a bad credit score by following these easy steps:
-Always make payments on time
-Do not use more than 30% of your monthly credit card limit
-Avoid having your credit pulled until you’re serious about making a purchase
-Keep a long credit history
-Be responsible with paying off large purchases
-Keep in mind that any cosigned or shared leases will impact all parties’ credit
A few other ways to ensure a good interest rate include buying a newer vehicle, keeping the term length of the loan short, and watching out for manufacturer interest specials. You may even get pre-approved beforehand so you know exactly what you’re eligible for before you begin shopping.
Visit our website to use our completely free credit score estimator or stop by our car dealership, Brunswick Auto Mart, today for more car financing information.
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