Next: Credit scoring agencies

 

Your credit score is one of several factors that affects the approval on an auto loan or lease and what interest rate you’ll receive. There is also a credit score just for auto loans, which shows lenders how you’ve paid auto loans in the past. Learn all about how your credit score affects the auto loan process here.

Reduced Credit Lines Won’t Lower Your Credit Score That Much
Consumers who plan to apply for an auto loan soon will most likely check their credit scores first. And with the recent rash of lenders lowering consumers’ credit limits before the new credit card law goes into effect in February, there is concern that it will affect credit scores and your chance of getting a car loan or lease. A study by FICO reveals that as long as you don’t carry a high […] Read More.

FICO Reveals How Mistakes Can Drop Your Credit Score
If you’re in the market for an auto loan, you probably already know to check your credit score before you apply for financing. You may also be trying to improve your credit score before you buy a car, so you can get a lower interest rate on the car loan. What was once a big secret in the world of credit scores has now been revealed to consumers. FICO recently revealed just how many points y[…] Read More.

How Recent Credit Card Changes Can Affect Getting a Car Loan
I recently received a letter from my credit card company, Chase. It wasn’t even in an envelope. It was simply folded and lightly glued together. Honestly, it looked like junk mail. But I opened it anyway. It’s a good thing I did. Inside, I started reading the complicated credit card jargon. Chase basically told me they were doubling my interest rate on Dec. 1 and if I didn’t agr[…] Read More.

Credit & Car Loans
Auto Loan Credit Report There is an auto loan specific credit report that looks at different factors than a normal credit report. This report is only available to car dealers and lending agencies giving auto loans. Because of this, you could get a credit report on your own then go to a dealership and find out their report is different than yours. Don’t assume your dealer is trying to cheat y[…] Read More.

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