Do You Know Your Credit Score?

If you’re a new car shopper looking for information, Brunswick Auto Mart is the perfect place for you to begin your journey toward car ownership near Akron. A huge part of buying a new car, truck, or SUV is finding out what you’re eligible in terms of financing, and your credit plays a large role in that. Let us teach you the basics and you’ll be well on your way toward that sweet new RAM truck or Jeep SUV.

What is a credit score?

Your credit score is a number assigned to you based on your ability to pay off loans, credit cards, and other expenses. If you neglect to pay back a bill, it can lower your credit score. The same goes for if you’re got more than 30% debt on your credit cards or if you open up several new accounts or close an account.

How do I determine my credit score?

If you’re not sure what your credit score is, you can use our Brunswick Auto Mart credit calculator to look up your score. Credit scores are typically monitored via two national credit bureaus, Transunion and Equifax, and we use Equifax. An ideal credit score is 700 or higher. If you keep making monthly payments on all of your accounts and paying them off as you can, your score will improve over time.

How does my credit score affect financing?

When you apply for financing with us (or any other institution like for a home loan or credit card), we pull your credit score. This gives us insight into your history of paying off debts and allows us to determine what interest rate, loan length, and down payment amount you qualify for. The better your score, the lower the interest will be and there’s a chance you may not be required to give a down payment.

Come down to our car dealership finance center to learn more about the process.

Categories: Finance, News
; ;