How does the application process work?
Applying for vehicle financing is much like applying for any other loan. First, you’ll fill out an application that includes your address, name, social security number, income, and employment status. From there, the dealership will send your application to numerous lenders in order to find you the best deal.
Lenders will respond with financing offers that include the length of the loan and annual percentage rate (APR). After that, you’ll need to look over each offer carefully and pick the one that best fits your financial needs.
What do lenders need my credit score for?
Your credit score essentially tells lenders what kind of borrower you are. Lower credit scores indicate a riskier borrower while higher scores are a sign of a reliable, low-risk borrower. A loan’s APR is often determined, at least in part, by the borrower’s credit score.
Applicants with lower credit scores may receive fewer loan offers and, generally, the offers received often include higher APRs. Those with higher credit scores will likely receive more loan offers with lower APRs.
What factors determine my credit score?
There are five main factors that determine your credit score. They are payment history, amounts owed, length (age) of credit accounts, credit mix, and new credit. To build a strong credit score, make payments on time, keep balances low, and avoid opening new credit accounts unless necessary.
Stop in at Dale Earnhardt Chevrolet in Newton, NC to have all of your financing questions answered by a financial professional, and we can get you into a new model or used vehicle today!
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