Why Your Credit Score is Important
If you didn’t know already, your credit score is a three digit number that plays a significant role in your finances. A high credit score can lead to lower interest rates and higher loan approval ratings while a low credit score will lead to the exact opposite. A prime example of why your credit score is important involves knowing what a car dealership uses your score for .
When you head out to the dealership to buy a new car, you’ll need financing unless you plan on paying in full. That’s where your credit score comes in.
Our finance department will gather your information and apply for loans from banks and credit unions on your behalf. A high credit score and lengthy credit history will lead to more loan approvals. A lower credit score will make it harder to get a loan but it can also affect how much you pay in the end.
Your credit score also affects the interest rate you can get on a loan. As a result, a higher credit score will result in lower monthly payments and total amount paid at the end of the loan. A lower credit score will lead to the exact opposite.
Maintaining your credit score is important outside of the auto market though. It affects all types of loans, including home loans, and will follow you for the rest of your life. Making good decisions now will pay off later.
Curious about what your credit score might be? Use this helpful credit tool for an estimate.
If you’re looking to purchase a vehicle and interested in pursuing financing, come visit our finance department, where we’ll do everything we can to help you get into the new Ford or used vehicle that's perfect for you.