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Most auto loan lenders use your FICO score as part of the application process to determine if you'll qualify for a car loan and if so, at what interest rate. While some auto lenders do use other credit scores like VantageScore, the FICO score is the most widely used.
We've previously covered what your FICO score is made up of, but there are several items that consumers might think are part of the[...] .. Read More.
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It’s a well-known fact that getting approved for a car loan or lease is extremely dependent on your credit score. If it’s too low, you’ll pay high interest rates over the life of the auto loan. If it’s high, you can take advantage of 0% APR car loans and even get approved for a lease.
If one of your New Year’s resolutions is to improve yo[...] .. Read More.
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Build a Relationship With a Lender and You'll Get Better Car Loan Interest Rates
Lenders are more likely to give a car loan to a buyer who they have a relationship with. If you've had a car loan in the past and made your payments on time, that lender knows that you're a responsible car buyer and might offer you a loan or interest rate that other lenders won't. This holds true with other[...] .. Read More.
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Don't Bite off More Than You Can Chew
When deciding how much you can afford for a car payment, take a realistic inventory of your expenses. Take a notebook with you and write down everything you buy for a week or two, that way you’ll be able to come up with an honest budget for your new car. Your credit score will be best if your expenses are only 30% of your income before taxes. You&r[...] .. Read More.
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