Car Loans & Your Credit

Cars are central to living. It’s pretty hard to imagine a world without them. But, once you drive that shiny new mechanical marvel off the lot, it starts to depreciate. In fact, a car remains an “expense” as long as you own it, lease it or rent it. It’s important to know there are ways to reduce those expenses.

  • Yes! Credit Matters: How Pre-Approvals Can Improve Your Options

    Some finance departments will pre-approve you for auto financing based on the information on your Credit Report. One of the nicest benefits of pre-approval for car shoppers is that it gives you a ballpark estimate of what you’ll qualify to drive off the lot. It also lets car dealers know you’re a serious buyer that’s ready to negotiate for the best rates possible.

  • Yes! Credit Matters: Is It Better to Buy or to Lease?

    When it’s time for a new car, you have two options: buy or lease. No matter which option you prefer, buying and leasing both have benefits and drawbacks. If you have excellent credit, prefer having a new car and drive relatively few miles, leasing might be great for you. If on the other hand, you have less than stellar credit, drive a ton of miles, or put a lot of wear and tear on your car, buying could be your best route. Before you decide, do your homework to see what makes sense for your credit and finances.

Score Planner

See how different events might impact your Credit Score. The Score Planner is available to both members and non-members.

Types of questions you'll see:

  • icon-credit-card.pngWhat if I pay off that card?
  • icon-apply-car-loan.pngWhat if I apply for a loan?
  • icon-late-payment.pngWhat if I have a late payment?
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Question: Are used cars a good investment?

Answer: When times are tough, used cars can be a good value. Buying a pre-certified vehicle from a dealership is a great way to obtain a luxury car for less, while paying cash to a private party enables you to negotiate for the best deal possible. Just be sure to have a trusted mechanic evaluate the car before signing on the dotted line or handing over the money.

Taking good care of your credit can help you get the things you want. Get started now!

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