Credit Score For A Car Loan Matters

Credit Score For A Car Loan Matters

The credit score for a car loan is going to be looked at by the majority of lenders. This means that it matters. If you don't know what your credit score is, it's a good idea to find out before you begin applying for car loans. You don't want to run into any embarrassing situations and if you know you have a bad score, you can bypass traditional loans and go right for the loans designed for people with bad credit.

Finding Out Your Credit Score

What is your credit score? Learn your credit score for a car loan before you start the process. In order to do this, you can go online to any of the different credit score companies, like Equifax or TransUnion.

Then:

  • Enter your Social Security number
  • Order your credit score
  • Pay the fee, if applicable

Your credit score will then either show online or be emailed to you. Once you have the credit score in hand, you can determine if it will matter when it comes to getting a car loan. If your score is below 650, it matters and you will need to find an alternative lender to provide you with your car loan.

There's nothing wrong with having bad credit - millions of Americans have the same problem. It makes it a little harder to get a car, but not that hard.


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Finding a Loan Without a Credit Score

A guaranteed auto loan is usually one where a credit score isn't verified. When you can ignore a credit score for an auto loan, it makes your life easier because it doesn't matter if you've had a bankruptcy or other problem in the past. You can get approved despite those problems. As long as you bring in the income to make the car payments each month, some lenders don't care what your credit score is and won't even check it.

Sit down with the dealership that you want to buy a car. Explain that you had a bad credit score for an auto loan and that you need some assistance. They will guide you through the process and show you how to apply with a lender that will approve you no matter what - even if you have recently filed bankruptcy or had a foreclosure.

Credit scores matter, but sometimes not as much as you think.

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