Credit scores go a long way in determining what kind of interest rate you might be able to expect on your auto loan. Those buyers with a good credit score can expect to have a lower interest rate and a higher loan amount than those buyers that get auto loans with bad credit. However, there are many advantages to getting a bad credit car loan, including the fact that a bad credit auto loan may be able to help improve your credit.
Here are a few things that you need to know about getting an auto loan with any credit score:
Credit scores make an impact
When it comes to securing an auto loan, your credit score will make an impact. Your credit score is an accumulation of your credit history. If you have a good credit score (one over 700), chances are greatly improved that you will be able to qualify for a good auto loan. Generally speaking, a good auto loan is one in which you will be able to get a high loan amount with a small interest rate. Therefore, people with good credit scores are often able to get more advantageous auto loans. However, we offer auto loans to all of our customers – even those customers with bad credit or no credit.
Bad credit auto loans can improve credit
Because credit scores are based on your credit history and current financial situation, you can help to improve your credit score by making wise financial decisions now. One way to make a great wise financial decision is to take out an auto loan that you then repay on time and in full. When you do so, future creditors will notice that you have a history of being financially responsible and will be more likely to extend a good credit car loan to you. Remember: 35 percent of your credit score is comprised of your payment history.
Get an auto loan today
It is possible to get an auto loan on the same day that you apply – especially when you use our simple online services. You can get started with this loan process by applying for a car loan online through our secure server. We’ll review your loan application and contact you with options right away!
We look forward to helping you get the best auto loan for your needs to make buying the right car easier than ever. Contact us today to get started!