Tag: lowest credit score car financing

Are you planning to buy a car? If yes, you most probably are considering a loan. 85% of new car purchases in the country are financed. But when you apply for a loan, you need to consider your credit score.

The credit score is a system designed to identify the creditworthiness of borrowers from the perspective of a lender. You can get a score of anywhere between 300 to 850. The higher your score, the better you look to lenders.

A high credit score means getting better rates with lenders. That is because they see you as someone trustworthy.

That said, several factors can affect your overall score. These include: 

• Previous loans
• Length of credit history
• Types of credit 
• Total amount you owe
• History of your payments

If you miss out on payments or do anything that [...]