How Auto Loans Are Impacted By
Credit Score
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Understanding Your
Credit Score
Your credit score is an indicator to lenders which represents the risk they may incur by extending you credit. It represents your credit history and how well you’ve managed credit it the past. For those who have yet to establish any credit history, your credit score simply reflects that you are an unknown risk who has yet to prove credit worthiness.
Although your credit history is not the only factor lenders consider when evaluating credit risk, it still remains a major factor in the decision. Those with lower credit scores may still obtain auto financing, but generally at higher rates with less favourable terms than those with higher credit scores.
Not only can Love Your Loan help you get the auto financing you need, but we will help you improve your credit over time (if needed) so that you can later refinance at more favourable terms.
Poor Credit
- Serious credit issues
- You pose a high risk to lenders
- History of missed payments
- Expect high interest rates & strict contract terms
Fair Credit
- Concerning Credit Level
- You pose some risk to lenders
- Around 60% of bills paid on time
- Expect higher interest rates & stricter contract terms
Good Credit
- Favorable Credit Sore
- You pose very low risk to lenders
- Bills paid on time
- You can expect good interest rates & contract terms
Excellent Credit
- Incredible credit score
- You pose no risk to lenders
- Often are auto-approved for loans
- You can expect great interest rates & contract terms
Looking For An Auto Loan You'll Love?
Love Your Loan offers your something different… A loan that you can love!
With access to the best rates, we know you’ll be in good hands.