Good Credit Auto Loans
Having good credit usually means that your score falls between 700 and 750. If you have managed to maintain good credit, it means that you are on top of your financial situation. You pay your bills on time and have paid off debts you are liable for. This is a great situation to be in because lenders are more likely to feel confident about giving you a loan, so you can be approved for higher amounts with lower interest rates. However, different lenders look at scores in different ways. What may be a good score to some may only be “fair” to others.
Explore the many good credit auto loans available to you by working with PrimeLoans. We are happy to help you find the best possible deal for your financial situation. Count on us to get you on the road in your dream vehicle quickly.
Why Good Credit Matters
Achieving and maintain good credit is extremely important when you to acquire credit from lenders or financial institutions—especially when you are purchasing a major product like a vehicle. The better your credit is, the better loans you have access to. That means higher loan amounts and lower interest rates, so you will pay less over time for the money you borrowed.
Let’s say you buy a new car and take out a loan of $40,000 to do so. If you have bad credit, you will end up spending significantly more than $40,000 by the time the loan is paid off due to the high interest rates. However, if you get good credit auto financing with low interest rates, you will end up paying less. It all depends on how your lender judges your credit rating.
What Affects Your Credit Rating
Missing a payment, paying your bill late, or even going over your credit card limit will have negative impact on your credit score. Any type of credit that you have can compromise your score if you don’t pay everything on time. However, according to the law, credit scores can never take into consideration your race, age, salary, occupation, marital status, origin of nationality, or religion.
Some lenders might take into consideration how long you have been employed at the same job or how long you have lived in the same place. Keep in mind that different lenders have different tactics when it comes to qualifying you for a loan or credit card.
Contact us for more information on good credit auto loans and how to find them. We are proud to serve clients nationwide.