Written by Mark Hergert
Published on 26 November 2011 Hits: 5405

Understanding the Basics of a Credit Score

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My credit score - is it really important? 

Your credit score has more of an effect on your chances of approval than you think. A bad credit score can cause you to pay much higher loan interest rates and can adversely affect your ability to get a new or used auto loan. Many people are unaware that auto loan companies check your credit before even negotiating the price or interest rates. 

Beware when applying with other online companies

The biggest auto financing mistake buyers make is trying to buy a new or used car without first checking online with Auto Credit Financial for auto loan rates.  Knowing your credit history and required information can help with getting an auto loan.  Don't wait until you reach the dealer. Applying for new or used car financing other than Auto Credit Financial could be a costly mistake. 

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Why should I apply ?


Car dealerships sometimes offer in house financing, which means they will carry your loan instead of going through an outside bank or finance company. The interest rate is normally considerably higher than that of the bank or finance company because the dealership will have lower qualifying standards than these institutions. Another reason for the higher rates is that the dealership is now taking on the risk of nonpayment and not passing it along to a third party finance companies also offer some loans to people with bad credit or no credit, but do so with higher interest rates because they are now taking on this risk. 

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What's My Payment?

Down Payment($):
Auto loan amount ($):
Your Credit Rating:
Interest rate (%):
Auto loan term (months):

Credit Information Before You Buy


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.