When most consumers buy a car, they think of the most obvious considerations first, like their desired model and trim or personal budget. However, understanding your ability to apply for car loans and leases can impact how much you pay during your time owning your dream car. To take full advantage of Land Rover finance, you can raise your credit score so you can receive better loan terms. Here’s some advice on improving your credit score before buying a new vehicle at Land Rover Northfield.
Checking Your Credit Score
Your credit score is the summation of the information contained in your credit report. Credit reports from one of the three major credit unions: TransUnion, Experian, and Equifax will all assess your credit history. Items may include paid and unpaid monthly payments, prior applications for loans, and your credit card balance.
How to Raise Your Credit Score
Several weighted factors contribute to your final credit score. The most heavily weighted factor, at approximately 35 percent, is your payment history, comprised of loan payments and monthly bills. Identify and pay back any late payments on your credit report, and create a schedule to follow from then on, to ensure you pay on time. Certain services can also factor in your timely payments for smaller bills, like utilities and monthly subscriptions, to boost your credit score further.
Another significant consideration is your utilization rate, which is the total amount of revolving credit you have available. This can also account for about 30% of your credit score, so start paying off your accounts. It’s best to keep your utilization rate at or below 30% of your total available credit to boost your credit score significantly.
Learn More About Car Financing at Land Rover Northfield
To learn which financing options suit you, visit the finance department at Land Rover Northfield. Our friendly professionals are here to make car buying an easy and enjoyable process, so come visit our team today!