Know your credit score to find the right lender

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Knowing that you have a bit of a credit problem might make it very difficult for you to get financing through banks or credit unions. Banks are Tier 1 lenders which mean they are only willing to approve loan application for people with prime or good credit scores.

When you know you have a bad or very bad credit you will have to consider an alternative option. You will have to find automobile financing through a lending institution that specializes in helping people with bad credit scores to get approved for auto loans.

Making use of a lender who specializes in bad credit loan applications will make your life much easier and safe you a lot of hassle and embarrassment throughout the application process.

 So if you are unsure if you should apply for your automobile financing through a bank, credit union or bad credit lender here is a rough guideline of different credit scores. First find out your credit score then have a look through the following table and find out where you stand in terms of your credit score, so that you know the different options available to you.

Credit Score

Status

Options

700+

You have  prime credit

Banks, credit unions or any other tier 1 lender.

670+

You have good credit

Same as above

610+

You have subprime credit

You will be able to secure financing, albeit at a slightly higher cost.

490 - 570

You have bad credit

Consider alternative options, find a lender that specializes with bad credit financing.

 

Hopefully by now you have found out your credit score and know in which category you fall under. If your credit scores falls under the last row in the table (490-570) you will need to find a lender who specializes in bad credit automobile financing.

Auto Credit Financial is a bad credit lender who works with people whom have bad credit scores. Auto Credit Financial can help you rebuild your credit and will work out a financing option that is right for you. Premiums are affordable and come with low interest, even if you have bad credit. You can even make use of the loan application calculator on their homepage to see exactly how much your monthly premiums will be, before you apply.

Visit Auto Credit Financial today and let them help you work out an automobile financing option that will work best for you.

 

 

 

 

 

Blog posted from Chicago, IL, USA View larger map
©Mark Hergert
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After years of delays, the credit industry finally agreed to give consumers access to their personal "credit scores." This is important, because lenders use credit scores to determine who to give credit to and at what rates. Knowing your credit score can be empowering,If it's low you can take steps to improve your credit worthiness and if it's high you may be able to use it as leverage when shopping for your next car loan.