How Important is Your Credit Score When Buying a Car?
Use these "Credit Road Rules" to help take the stress out of navigating the auto financing highway.
CREDIT ROAD RULE #1: STOP – See where you stand. Knowing your score can impact your decision on a make, model and price.
CREDIT ROAD RULE #2: DANGER AHEAD – Score-lowering errors left unaddressed could impact your interest rate. Remember, the lower your score, the higher your rate.
CREDIT ROAD RULE #3: RED LIGHT – Put the brakes on opening any new credit cards.
CREDIT ROAD RULE #4: GREEN LIGHT – Get preapproved to remove doubt about the rate you will be offered.
Banks use your credit scores to determine the rate you will pay on a car loan. If your scores are high, you may qualify for a great rate. But if they aren’t, well, you might find yourself paying more than you bargained for.
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