|
How
important is your credit report when applying for an auto
loan?
Lenders use your credit history as the #1 factor to determine
if you are a good candidate for a loan. Your credit report
will be examined carefully for -
- -Signs that
you act responsibly when it comes to paying your debts on
time.
- -Your income
and how it corresponds with your debts.
- -How much credit
you have available to you.
Is it true that the better your credit history, the better
interest rate and loan amount you may qualify for?
Absolutely! The consequence of being considered less creditworthy
may not keep you from qualifying for an auto loan, but it
can be an expensive factor when determining -
- The interest
rate of that loan.
- The down payment
required.
- The amount
you are qualified to borrow.
Save yourself a bundle by checking your credit report first.
There's no reason to settle for less of a loan at a higher
interest rate, or come up with an exorbitant down payment
when you don't have to. Know what's on your credit report.
Look for -
- Mistakes -
happen more often than you think and they are easy to dispute
and correct.
- Inquiries -
may have a negative impact on your credit worthiness. Find
out who has been looking at your credit report.
- Collections
and Charge-offs - should be paid in full to increase your
credit worthiness.
Now that you have the facts, find out what is on your credit
report now!
Online
resources for getting your credit report:
| Online Source |
Price |
Offers 3 in 1 credit report |
Offers credit score |
| TrueCredit.com |
$29.95 |
Yes |
Yes |
| Equifax.com |
$39.95 |
Yes |
Yes |
|