Comments Off on What’s the Lowest Credit Score to Buy a Car?
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.
What Is a 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:
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 [...]