Does Credit Matter When Applying Jeep® Financing?
When you’re looking into Jeep® financing options for your new Jeep SUV or truck, it’s good to know your credit situation before seriously thinking about making a purchase. Here’s some background on how your credit will affect your car buying experience, and how you can optimize it.
What Is a Credit Score?
The first thing to understand about your credit is that lenders have access to your past credit history. Your credit score, or FICO® score, is a way that financial institutions rate or grade individuals who request loans. Available to all lenders, these scores are based on past financial behavior such as loan repayment history, types of credit used, levels of indebtedness, and the type and amount of open credit accounts.
Before you show up at a dealership with the goal of buying a new Jeep SUV, it’s a great idea to know your credit score so you know what kind of loan you’ll be offered. Many banks, credit monitoring services, and lending institutions offer free credit reports that will include your FICO® score.
How Your Credit Score Affects Car Financing Options
Your credit score will affect your financing options in a few ways. First, it may influence the size of the loan available for a car purchase. A good or above average credit will most likely allow for a loan capable of covering the price of most cars available at our Jeep dealership in Plymouth, MA.
Having good credit will also influence the interest rate offered on the loan at the time of purchase. The better the credit score of an individual, the more favorable their interest terms will be on the loan.
Ways to Improve Your Credit
If you’re thinking of buying a Jeep for sale at our dealership in the near future, then improving your credit will go a long way towards making your purchase a better deal. There are a number of ways you can do this, including:
- Have a mix of several credit accounts
- Always make payments on time
- Stay below the limit on all sources of credit
- Don’t take out new credit accounts too often
Following these best practices will improve your credit score over time so that the next time you buy a car you’ll be able to access a better loan deal.
Jeep® Financing at Best Chrysler Dodge Jeep RAM
Visit our finance department today at Best Chrysler Dodge Jeep® RAM and explore the latest financing options and deals. No matter what your situation is, we’ll find a deal that provides you with the car that fits what you want.