Knowing your credit score before you hit the car lot can save you a lot of pain in the long run.
It is a big deal
Here at AutoNet Financial we know that buying a car without knowing your credit score (sometimes called a FICO score or VantageScore) is a lot like taking a trip to a place you’ve never been before and not bringing along a road map. Just as the road map tells you where you are going and how to get there, your credit score can tell you the procedure you’ll need to follow in order to buy a car and, in many cases, where you’ll have to go to buy a car.
How can a credit score do that?
It’s simple. If you have a credit score above 640 (for your FICO score - your VantageScore will be different), chances are pretty good that you’ll probably be able to buy a car in the usual way with conventional financing (either prime or near-prime) at any car dealership.
If your credit score falls below 640, however, your choices become more limited and you probably will need to look into subprime financing (sometimes called special finance). Because the subprime buying process is very different from the conventional buying process, you should do some additional research before deciding on how to proceed with your purchase. This is because not all dealers have a special finance department. If the dealership doesn’t have a subprime department, or if their special finance department doesn’t have a full spectrum of lenders, your trip to the dealership could result in nothing other than a number of inquiries on your credit report and no new car.
We can help
One place where you can find help is our website at www.AutoNetFinancial.com. Here you can read about additional requirements as well as calculate the amount you will be able to finance. If you have any additional questions, a toll-free number at the bottom of the page will connect you with one of our bad credit auto loan experts who will be glad to help you get back “on the road” to reestablishing your credit.
