Your credit score is essentially your gateway to getting loans and making major purchases. A good credit score can save you thousands over the course of a loan while a bad credit score could cost you. Knowing your credit score prior to applying for vehicle financing is incredibly important.
Why do I need to know my credit score?
Knowing your credit score is important for your financial health. It can give you a more accurate idea of what to expect when applying for financing. Getting a credit report can also help spot and stop identity theft. Make sure to report any inaccuracies on your report!
What do lenders use my credit score for?
Lenders use your credit score to determine how much of a risk you are. Those with high scores will receive lower interest rates and vice versa. The difference between a high and low credit score can be thousands of dollars over the life of a loan.
How do I find out my credit score?
There are multiple ways to get your credit score. Some major credit card companies provide your credit score with your monthly statement. A non-profit credit counselor can provide you with a free credit report. You can also buy your credit score from a credit reporting company, such as myFICO.com.
No matter your credit history, the finance department at Schaumburg Mitsubishi will go above and beyond to get you the best deal possible on a new Mitsubishi. Stop in today!