When it comes to buying a car, your credit score can significantly impact your financing options and interest rates. But don't worry – even if your credit isn't perfect, there are still great options available.
What is a Credit Score?
Your credit score is a three-digit number (typically 300-850) that represents your creditworthiness. Lenders use it to assess the risk of lending you money. The higher your score, the better your loan terms typically are.
Credit Score Ranges
- Excellent: 750+
- Good: 700-749
- Fair: 650-699
- Poor: 600-649
- Bad: Below 600
How Your Score Affects Your Rate
A higher credit score can save you thousands over the life of your loan. For example, on a $20,000 loan, the difference between a 4% and 8% interest rate is over $2,000 in interest payments.
Bad Credit? You Still Have Options
At Holmes Motors, we specialize in helping customers with all credit situations. We work with multiple lenders who understand that credit challenges happen to good people. Late payments, medical bills, divorce, or job loss don't define you.
Tips to Improve Your Chances
- Make a larger down payment if possible
- Consider a co-signer
- Choose a less expensive vehicle
- Show proof of stable income
- Pay off outstanding collections if you can
Our finance team is ready to work with you to find a solution. Apply online or visit any of our locations today!