How to build your credit to get approved for a car loan in Buffalo NY

How to build your credit to get approved for a car loan in Buffalo, NY

Many people use a car purchase to build their credit. However, if you are starting to build credit you quickly discover that you need credit to get a car loan. Either way, you want to be in good financial shape so you can get approved for that loan. What should you know and what can you do?

-Your credit score will almost certainly impact your cost of financing a vehicle. A score of 720 or higher will show you as a good candidate. You can check your credit for free on multiple websites online. If you haven't checked your credit this year, you qualify for a free annual report.

- If your credit score is below that threshold, it is important to work with a dealership that has competitive financing opportunities.

-Can you afford the car that you're interested in buying? A good rule of thumb is that car expenses including insurance, gas, and car payment shouldn't take more than 20 percent of your income.

- Be aware that financing a vehicle when you have less than perfect credit may cost you more money in the long run. The best plan is to work with the largest possible down payment and finance the vehicle for a short monthly payment term. Credit can be tricky and you want to do it the right way. Choose a dealership that offers loan financing with staff members who will work with you to create terms for your loan that are most advantageous for your financial situation.

- Remember, car dealerships are looking for lifetime buyers who return for their every car purchase. It's in their interest to make you happy and keep you successful with the terms of your loan. If you're happy, then you'll come back next time you want to buy a car. Loyalty builds loyalty! For this reason, the dealer may even give you a better deal because you're just starting out.

A car purchase is highly important and if you're looking to build your credit it's even more so. If you're not sure whether your credit is in a good position to buy a car on a loan right now, call our Sales Department and we'll talk you through your options



Dealer is not responsible for any errors in this post. Please contact dealer for more information

Categories: Finance

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