Know Your Score – Credit Scores and Buying a Car

When buying anything, a well informed consumer is a smart consumer. This is especially true when buying and financing a car purchase. Over the last several years, a person’s credit score instead of Cheap Car Insurance Companies their credit report has become the key piece of information that helps determine your credit worthiness. Not just if you will or won’t get the loan, but how high or low the interest rate will be.
Luckily, it is very easy now to get your credit score by just using the Internet. Each credit bureau (Equifax, TransUnion and Experion) has a link on their website to allow you to purchase your credit score. This single number that ranges from about 300 to 850 (perfect credit) is a weighted combination of all of the pertinent information about you and your credit history. For example, how old your credit is, how much of your available credit you are using factor into the complete score.
When you have your credit score, you will not fall into one of the traps “scams” that some finance managers at car dealers will use. First, know that the car salesman is not the only one that Independent Dealerships Near Me makes commission in the dealership. The finance manager also makes commission on the loans that they make (higher interest rate = higher commission) and the sales of extended warranties.
Sometimes, the finance manager will tell you that your credit score is low and you will only qualify for a high interest loan. If you have your score, you can turn the tables and show him your score and tell him to see if he can do any better on the rate. Or better yet, get up and leave. Find another dealership that will not try to scam you.
You can also avoid this scam by getting your financing from another source like a local bank, credit union or an online lender. By doing this you will avoid all of the tricks in the financing of your vehicle and actually have the upper hand during the negotiation of the car price since you will essentially be paying cash to the dealer for the car.

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