If you’re thinking about financing a new Chevy car, your prospective lender will look at your credit score, which they use to determine risk. If your score is low, this may not prevent you from getting a loan, but it could mean that your interest rate is higher. Here the Chevrolet finance center at Foundation Chevrolet offers tips on raising your score.
Pay Off Your Debt
Paying off your debt is a great way to boost your score. Even if you can’t pay it off completely, reducing the number of credit lines you owe money will be a big help. Start with the smaller debt — especially credit credits — and pay off as much as you can.
Consolidate Your Debt
Another thing you could do to raise your credit score is to consolidate your debt — taking out one loan to pay off multiple debts at once. This enables you to make fewer payments every month to pay back the money you owe.
Look for Errors
Even people who never miss a payment can have a low credit score, and often this is attributed to errors on their credit report. This is why you should request a copy of yours and scrutinize it to see if there are any mistakes you can fix.
Buying a Car with a Low Credit Score with a Co-Signer
If you want to buy a car now, you may just have to accept the higher interest rate. However, if you know someone with a good score who is willing to co-sign the loan with you, this is typically a good way to not only secure a loan but get a more favorable interest rate.
Start the Financing Process at Foundation Chevrolet Near Denver, CO
If you want to get the financing process started, Foundation Chevrolet in Wheat Ridge, CO makes it easy. Just fill out our online application to get pre-approved. Visit our Chevrolet dealership near Denver to get the process started today!
