Discover How Much Your Credit Score Matters When Applying for Jeep® Financing
If you’ve never bought a car before, the process can be a bit intimidating. Jeep® financing, in particular, can complicate the process even more. Fortunately, the team here at Zeigler Chrysler Dodge Jeep RAM is prepared to help make Jeep financing as painless as possible. So when it comes to understanding how your credit score affects your finance application, we’re here to help you out.
Why Does My Credit Score Matter?
Essentially, credit scores are a way for lenders and financial institutions to assess your ability to pay back a loan. Usually, a high credit score means that you have reliably paid back any debts, so this is a good starting point for lenders to gauge your reliability.
For this reason, people who have large debts and low credit scores are usually considered a risk when it comes to auto loans. So if you can improve your credit score, you have a better chance of securing an auto loan or leasing agreement.
How are My Finance Options Affected by My Credit Score?
In addition to your supposed risk, your credit score determines the interest rate of your loan or lease. When you take out a loan to finance your purchase, you want the lowest possible interest rate.
The lower your interest rate, the less money you will pay back over time. As a result, a higher credit score means that you are more likely to secure a low-interest rate loan, whereas a low credit score could result in a high-interest rate loan.
What Are My Financing Options?
Whether you have a good or bad credit score, it’s our belief that every driver should own the car of their dreams. Our finance team is here to work with you to find out the right finance options for your credit situations. Even if your credit score is low, we have the tools and resources to help you finance a new Dodge car.
Visit our Jeep Financing Department
Ready to get started on the Jeep financing process? We can’t wait to help you drive away in a new Jeep vehicle, so visit our Illinois Jeep dealership soon. To speed things up, you can apply online to get a jump start on the whole process. In no time at all, you’ll drive away in your dream vehicle.
