Learn About Great Credit Financing

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What Is Your Credit Score?
 
If you got this far and are ready to sign the new car loan papers, you probably have a good idea of what your credit score is. If you don't, make sure you ask. Typically, a dealer or financial institution will share it with you up front upon approval, but you want to make sure your score matches your auto loan rate. There are many factors in how your rating is determined. How much credit history you have, the types of loans, how much you owe, late payments, debt to income ratio and more. Your score will be higher or lower depending on how well you manage, or have managed, your finances.
How Will Your Credit Score Impact the Terms of Your Loan?
 
Obviously, the higher your score, the better your rate and terms. To get the lowest available auto loan rate, you'll need excellent credit. Depending on which credit agency or scoring system the lender uses, a 750+ credit score will get you the best terms. The interest rate offered will go up if your score is lower. If your score is low, the dealership will require more money up front and charge a higher interest rate. You can, however, refinance your auto loan if you've improved your credit since buying a vehicle. Refinancing can get you a lower rate and and save money. Bottom line, it's imperative to know where you stand before you sit down at a desk.
How Does Down Payment Work?

Making a small down payment will result in paying more interest over time. A large down payment, on the other hand, can make a huge dent in your savings. There are trade-offs to consider and either option may work best for you. If you get a very competitive rate with no prepayment penalty, it's often fine to make a smaller down payment and pay down extra as you go! Overall, you want to use your down payment to help minimize interest or payments without putting undue strain on your current finances.