When it comes to Mazda financing, your credit score is an important factor. It’s a quick way for lenders to see how responsibly you borrow money. Fields Mazda of Asheville is providing a closer look to help you navigate your credit score.
Credit Score Factors
A credit score typically falls between 300 and 850. The number reflects several different categories, such as how often you make payments on time. It also depends on how much debt you have and how much of your available credit is being utilized. Finally, lenders look at how long your existing accounts have been open and your credit mix.
Checking Your Credit Score
As a consumer, your credit score is an important tool. We encourage you to monitor your score regularly to see what affects it and to watch for potential issues. There are also lots of resources to check your credit score for free, such as the Annual Credit Report site. It combines your scores from the three main credit bureaus: Equifax, Experian, and TransUnion.
Raising Your Score
While you can buy a car with bad credit, it can negatively impact your loan. Buyers with bad credit scores typically get fewer loan offers and higher interest rates, which means you could spend much more on your vehicle. If you’re concerned about your score, there are a few things you can do:
- Dispute discrepancies on your credit report
- Pay down your debt
- Request a credit line increase
- Ask a trusted friend or family member to add you as an authorized user to their credit card
- Find a co-signer
Apply for MAZDA Financing in Asheville, NC
Whether you have good or bad credit, we can help you secure a competitive loan. We encourage you to stop in to chat about your options. Visit Fields Mazda of Asheville to get started today!
