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.