The Link Between Credit Rating and Auto Financing
Most people who are looking to buy a car require financing. We can take care of that, but it’s important to understand the process. In many cases, the terms of your loan will come down to your credit rating. Allow the experts in our auto finance department to help you out and answer the question, “Why does credit matter?”
Why Credit Matters
Perhaps you’ve heard of “credit rating” or “credit score”. A credit score is used to determine the risk of loaning money to a borrower (in this case…you). Your score is calculated using several different measures, including your payment history, the amount of debt you owe, the length of your credit history, new credit, and type of credit. If you have a history of missed or late payments, non-payments or bankruptcy, your score will be lower.
A low score makes you a risk and therefore the loan terms will not be as advantageous. If you have a high credit score, you will more easily qualify for a loan and enjoy lower interest rates. That’s important because lower interest rates mean you will save money over time.
How We Can Help
No matter your credit, the experts in our auto finance department at Shaver Chrysler Dodge Jeep RAM will work to find the best loan options. We’ll go over your credit history and look at the “big picture” of your finances. A credit score is not the only metric applied and we can discuss your situation before submitting loan applications to our trusted lenders.
You can get a head start by filling out our online finance application . This will ensure faster service and results. To learn more about how to secure a loan, come in to our Chrysler Dodge Jeep RAM dealership serving Thousand Oaks. And while you’re here check out the lineup of new Chrysler Dodge Jeep® RAM® inventory . You’ll find popular models from the family-friendly Chrysler Pacifica minivan to the rugged RAM 1500 truck.