Do I Need to Have Good Credit to Purchase a Vehicle?

January 21st, 2020 by

Are you shopping for a Jeep® Wrangler near Indianapolis? Perhaps you need financing and you’re unsure about the status of your credit. Our Jeep dealers can help you find loan options to fit your budget. Instead of buying used, we can get you approved for a new vehicle under a factory warranty. With us, you can get approved with no money down at great interest rates. Stop by Glenbrook Dodge Chrysler Jeep and talk to our team today.

How Does Credit Affect My New Jeep Purchase?

Since your lender uses your credit report and other factors to determine your loan terms, your credit history and score play a role in financing. Those with the highest credit scores generally receive better interest rates than people with lower scores. However, a low score doesn’t mean that you can’t secure a loan. Here are a few factors your Jeep dealer looks at:

  • Credit report. There are three major credit reporting bureaus: Equifax®, Experian®, and TransUnion®. Each agency reports your credit history, including a record of your payments and debts.
  • Credit score. Your credit score is a number between 300 and 850. The number sums up your total creditworthiness based on your reported history.
  • Credit history. This details all the different loans or debts that you’ve had over the past seven to 10 years. It may show your payments to rental agencies or utility bill payments. It notes if your payments are on time or how many times the payments were late.

How to Buy a New Vehicle Without Good Credit

Our team at Glenbrook Dodge Chrysler Jeep offers an onsite finance center. We work with you to get the best prices on a new Jeep Wrangler. Then, we’ll review your credit. Our Jeep dealers search for financing for you regardless of your credit. Plus, you can get approved with no money down. Please stop by our dealership and talk to us today.

Posted in Finance