How important is your credit report when applying for
an auto loan?
Very important! 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 - they 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!
Below you will find a list of credit reporting resources
that you can use to get a copy of your credit report.
Online resources for getting your credit report:
| Online Source |
Price |
Online Availability |
Offers 3 in 1 credit report |
Offers credit score |
ConsumerInfo |
FREE TRIAL |
Yes |
No |
No |
Equifax |
FREE Trial or $8.00 |
Yes |
No |
No |
| * Report is mailed |
More information on what your credit score is and how to
obtain it. Continue...
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