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3 min read Published on February 10, 2023.
Written by Allison Martin Written by

Allison Martin's work began over 10 years ago as a digital media strategist, and she's since been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-researched, and clear information that breaks down otherwise complicated subjects into digestible pieces.









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You're looking to secure the best deal on an auto loan but be aware that it may be challenging due to your credit score. On average, borrowers with strong credit will receive the most favorable rates. For instance, according to , those with a score of 300 to 500 are offered an average 19.81 percent APR for the purchase of a used car. On the other hand, those who have a credit score between 661 and 780 have rates of 5.47 percent. If you are able to hold off on buying the car, you can employ strategies to build credit prior to purchasing a car. Be aware of the fact that you will be assessed by the lender will likely evaluate your capacity to pay for the loan through calculating your debt-to income ratio. Take into consideration paying down existing debt to reduce your DTI ratio in addition to other methods to improve your score on credit. Four methods to build your credit before purchasing an automobile. Your credit score plays a significant role in the process of getting a car loan. Therefore, it is important to ensure that your credit is in good in order before you submit your application beginning with these easy guidelines. 1. Disput any errors you find that appear on your credit file. Begin by . Examine the report to ensure accuracy. Highlight any errors you notice that could drag your score down. For instance, maybe the report claims that you failed to make an installment when you actually paid on time. Next, make a complaint by either phone, mail, or online to the major credit bureaus -- Experian, TransUnion or Equifax and report the incorrect information. The credit reporting agency will contact the creditor or lender to investigate further the dispute. If the information contained in your report isn't verified the report will be deleted and your credit score could increase. 2. Be sure to pay your bills on time Payment history makes up about 35 per cent of FICO credit score. If your credit card or loan account is the 30th or greater days in arrears, a lender or creditor is likely to be notified of the delinquency as well as your score may take a hit. However, if you pay on time payments on your credit accounts, your score could improve as time passes. It's also crucial to keep past due accounts up-to-date to avoid collection activities and damage on your score. 3. Pay down your credit card debts Reduce your credit card balances FICO credit-scoring model favors people who manage their obligations to repay their debts. Consequently, the amount due is second-largest element of your credit score. , or the percentage of your credit line that you're currently using, is the second-largest component to your score. Creditors want to observe your credit utilization as less than 30 percent. If it is higher, you should work to pay down your balances to possibly raise your credit score. This will allow you to qualify for a low car loan. 4. Do not apply for new credit Each time you apply for credit, a hard inquiry is generated which can lower your score on credit by several points. While the impact may be temporary, multiple inquiries in an extremely short time frame could affect your score. A slight decline on your score could be accompanied by more interest rates -- and consequently could cost you hundreds or thousand of dollars more. Aim to keep shopping within 2 weeks. How credit score works Understanding can help you more effectively work to improve it. Credit history: comprising 35 % of the score this includes your payment information in the form of delinquencies, late payments and the number of accounts. Credit utilization ratio: 30 percent. This is the amount you owe against your limit on credit. Credit history length: 15 percent. Typically, the longer you've held credit and the higher the quality. New credit 10. Credit bureaus assess how many accounts you have recently opened. Opening too many new accounts could lower your score. Credit mix 10. The fact that you have several credit types -- including loans, cards loans and retail accounts will work for your benefit here. Why your credit score matters when buying a brand new car. Lenders make use of your credit score as a way to assess your creditworthiness and the likelihood that you'll be in default on your loan payment. You are less risky to the lender when you have excellent or excellent credit. You will generally be rewarded with an interest rate that is lower . With a lower rate of interest the amount you pay each month will be less, as well as your loan will cost less overall. However, they are generally more expensive. Bad credit car loan options If you're for an auto loan, there are . For example, buy-here, pay-here dealerships cater to borrowers with credit challenges -- however they often charge high rates of interest, and should be used as an option last resort. Consider reaching out to your credit union or bank to see if they will approve you for an loan based on the strength of your current relationship. Online lenders could be an ideal fit and many have an application for prequalification on their site so that you can see if you are eligible and compare loan rates. The bottom line is a strong credit score, steady source of income, and a low debt-to-income ratio could get you a good deal for an automobile loan. Therefore, you should improve your credit standing prior to applying. And when you're ready to apply, you should to find the best options to suit your needs. Related Articles:



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Written by

Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in numerous prestigious financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with concise, well-studied and well-researched content that break down complicated topics into digestible chunks.






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