849 × 566When planning to buy anything that involves paying it off over time, it’s important to be prepared. And one of the things you’ll need to be ready for is the role your credit score will play. This is especially important if it’s on the lower side. Our Chrysler financing center goes over what to expect.

Why is Credit a Factor in the Financing Process?

When a bank considers lending money, they want to be as sure as possible that they will be able to get it back. Whether it’s fair or not, people with lower credit scores are seen as a higher risk.

Will a Bad Credit Score Prevent Me from Getting a Loan?

In most instances, a bad credit score – or no credit score – won’t mean you can’t get a loan. However, there is a very good chance that the loan will come with a higher interest rate.

Are There Ways to Lower an Interest Rate?

The best way to ensure that you can get a loan and that the interest rate will be reasonable is to go in with a good credit score. This means that you may want to do things to boost yours, such as by paying off debt or perhaps consolidating it. If you can’t wait to buy a car, see if you can find someone with a good score who would be willing to be a co-signer on your loan.

Get All of Your Financing Questions Answered

If you have any other questions or concerns about financing or credit, get in touch with Chrysler Winona. You can also start the financing process right now by filling out our online form.

Categories: Finance