I have several credit cards but all are paid on time. Will that affect my credit?? What dothe dealers look for in a credit report?|||Dealers don't make the loans, Lenders do. All the dealer does is takes a commission and brings the customer (you) and the lender together. Lenders will look at the overall credit score and the debt to income ratio as well as your income stability among other things to qualify you for a loan.
Paying your monthly debt obligation on time and never falling behind will positively affect your credit score. Having a low amount of total debt as compared to your total income is also a positive.
If you want a car and you need a loan you should go to a Credit Union or a small local bank and get pre-qualified for a car loan before you ever go shopping. This is a huge advantage. Because you'll already know what you can afford, how much the bank is giving you and how much it's going to cost you a month before you even start to pick out a car. This makes negotiating the final selling price much easier for you to do.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment