2020 is here, and many of us have been busy with goal-setting and resolution-making. Improving our financial lives is often one of the biggest aspects of our New Year vows, so if budgeting for a new Dodge Charger has been on your mind, know that Fields Chrysler Jeep® Dodge RAM of Sanford is here to help.
Whether you opt to purchase or lease your new vehicle, it’s no secret that having a strong credit history can help you access more flexible terms and lower interest rates. Today, let’s take a look at what a credit score means and how it may impact your next car-buying experience.
At its most basic meaning, a credit score is a three-digit number that helps potential lenders assess your likelihood of repaying a loan. Several factors go into determining your credit score, including:
- Timely payments toward monthly bills and other loans
- How much debt you’re already carrying (i.e., credit cards, personal loans, mortgages, student loans, etc.)
- How long your existing accounts have been open and how many lines of credit you have
- History of missed payments or defaulted loans
Credit scores are reported by three main bureaus: TransUnion®, Equifax®, and Experian®. While your rating may vary by several points between the different national bureaus, taking a look at any of the three will give you a good idea of where you currently stand within the range of 300 and 850.
Generally speaking, a credit score falling within 670 and 739 is considered “good,” while 740 and 850 is rated as “excellent.” Fortunately, even if your credit score is lower in the “fair” or even “poor” range, Fields Chrysler Jeep Dodge RAM of Sanford can still offer options to help you secure financing for a vehicle.
Contact us or stop by our Dodge dealership near Orlando today to chat with our sales and finance experts.