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CAR LOANS AND CREDIT SCORES
One of the biggest factors in determining auto loan approval is your credit score. In fact, lenders have become advanced in the way they use credit reports to assess potential borrowers. This is good news and bad news.

The upside is that there is a very large market for providing auto loans for people with bad credit. However, if you have bad credit, you are going to pay more in auto loan interest rates.

The downside is that the lending process has become very informal, and more reliant on mathematical equations when determining whether or loan approval should be granted and what interest rates should be assigned. Learn more about what credit scores are.

All the different lenders are going use a different formula for determining auto loan approval and rates. Different lenders are going to also have a different method of labeling what credit type you are. Therefore every lender is likely going to offer you different rates. 

To ensure that you receive the best auto loan rates possible, we suggest you get a copy of your credit report at least once a year. This will help guarantee that there are no errors on your report that can adversely effect the rates you receive. If there are errors, you can dispute them. You can see a sample credit report dispute letter.

More Suggested Offers

Getting a Copy of Your Credit Report - The first thing you should do before you apply for your car loan is get a copy of your credit report.

Star Loan Services offers bad credit car loans and auto loans for people with no credit. Get the financing you need, at affordable rates!

 

More Credit Advice:
There are many factors that influence auto loan rates. Knowing what these factors are will help you prepare for and ensure your receive the best rates for your auto financing.

Learn how credit influences mortgages.


 

 

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