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3 minutes read. Published on February 10, 2023.
Written by Allison Martin Written by

Allison Martin's work began over 10 years prior to that as a digital content strategist. Since then, she's been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to control their finances by providing precise, well-researched and well-documented information that breaks down otherwise complex topics into manageable bites.









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You're looking to secure an affordable rate on a car loan but be aware that it may be difficult due to your credit health. On average, borrowers with good credit scores will receive the most favorable rates. For instance, according to the report, those who have scores of 300 to 500 will receive the average rate of 19.81 percent APR for an used vehicle, while those with a score of 661 to 780 are charged 5.47 percent. If you are able to hold from buying then you could implement strategies to build credit before buying a car. Be mindful you are aware that you will be assessed by the lender will likely determine your capacity to pay for the loan through calculating your debt-to income ratio. Consider paying down any existing debt to bring down your DTI ratio, in addition to other ways to improve your credit score. Four methods to build your credit prior to purchasing an automobile. Your credit score is an important factor when applying the process of getting a car loan. This is why you must make sure your credit is in top shape before you apply, starting with these actionable suggestions. 1. Disput any errors you find that appear on your credit file. Start by . Review the contents for accuracy , and then highlight any mistakes you find that could cause your score to go down. For instance, maybe the report states you missed an installment when you actually paid the amount in time. Next, file a dispute by mail, phone or online to the major credit bureaus including Experian, TransUnion or Equifax -- reporting the inaccurate information. The credit reporting agency will contact either the lender or creditor lender to further investigate your complaint. If the information on your report isn't verified, it will be removed, and your score could improve. 2. Pay your bills punctually. Payment history accounts for about 35 per cent of FICO credit score. In the event that your credit card loan account reaches the 30th or greater days in arrears and you are in default, a lender or creditor will likely report the delinquency, which means your credit rating may be affected. But if you make timely payments on your credit account and your score improves over time. It is equally important to bring any past-due accounts up to date in order to prevent collection activity and damage to your credit score. 3. Lower your credit card balances Your credit card balances will be reduced. FICO credit-scoring model favors those who are responsible in managing their obligations to repay their debts. Therefore, the amount of debt due is second-largest part of your credit score. The percentage of your credit line you're currently using, is the second largest part to your score. Creditors want to observe your credit utilization as or below 30 percent. If yours is higher, you should work to pay off your balances, which could increase your credit score and qualify for a low car loan. 4. Avoid applying for new credit Every time you make a credit application, you will receive a hard inquiry which can lower your score on credit by several points. Even though the impact is only temporary, multiple inquiries over a short period could hurt your score. Unfortunately, a slight drop of your credit rating can also mean more interest rates -which can result in a cost of several hundred or even thousands or more dollars. Keep your shopping in 2 weeks. How credit scores work Understanding it will help you efficiently work towards improving it. Payment history: Making up 35 percent of your score, it includes information about your payments in the form of delinquencies, late payments and the number of accounts. Credit utilization ratio: 30 percent. This is the sum you owe against your credit limit. Length of credit history: 15 percent. In general, the more time you've had credit, the better. New credit is 10 percent. Credit bureaus assess how many accounts you have opened recently. Opening too many new accounts could affect your credit score. Credit mix 10 percent. A variety of credit -- including card, loans and retail accounts will work in your favor in this case. Why your credit score matters when you're looking to buy a car Lenders make use of your credit score to determine your creditworthiness as well as the probability of you defaulting on your loan payment. You are less risky to the lender when you have good or good credit. In turn, you will generally be rewarded with a lower . With a lower rate of interest, your monthly payment will be less, as well as your loan will be more affordable overall. Conversely, are typically more expensive. For those with poor credit, there are loan alternatives If you're looking for an auto loan, there are . For example, buy-here, pay-here dealers cater to those who are struggling with credit -- but often charge steep interest rates and should only be used as a last resort. Consider reaching out to your bank or credit union to see whether they'll allow you for an loan depending on the quality of your current relationship. Online lenders may be an ideal fit, and many feature a prequalification tool on their website so you can check if are eligible and view potential loan rates. The bottom line A strong credit score, steady source of income, and a low debt-to-income ratio could make you eligible for a great deal on an auto loan. Therefore, you should improve your credit standing prior to submitting an application. And when you're ready to apply, you must determine the best option to suit your needs. Related Articles:



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Written by

Allison Martin's work began over 10 years ago as a digital media strategist. Since then, she's been published in numerous prestigious financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.






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