How Does Credit Affect Down Payment IN | Andy Mohr Speedway Chevy

These days, there are hundreds of websites and apps that focus on the different ways to check your credit, monitor your score, and generally keep track of everything having to do with your credit. However, many people want to know what credit is and how it affects everything in your life.

Your credit is associated with every monetary and financing decision you’re going to make in your life. When you’re shopping for a house, a car, or a new appliance, your credit will come into play unless you intend to buy that product outright. When it comes to car shopping, your credit won’t be as big a factor at Andy Mohr Speedway Chevrolet, so we recommend that you join us from the Indianapolis, Fishers, and Speedway areas.

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CREDIT AND YOUR DOWN PAYMENT

When you fill out a finance application, you’ll add your social security number to the information provided. With that number, our finance team will be able to obtain your eligibility for a loan from our network of lenders. Their response to our inquiries will help us determine what we’ll need from you financially to secure your car.

When your credit score hovers on the lower side, that means for the lender that you are a higher risk. Essentially, it says that you’ve had some trouble paying your bills in the past, so a lender will usually ask for a higher down payment to take some of the pressure off them.

OTHER THINGS CREDIT WILL AFFECT 

When you’re buying a car, you’ll find that there are other aspects of the process that will be impacted by your credit score.

• Your Interest Rate – While the company from whom you get your financing may request a higher down payment, they also may raise the interest rate that they charge for the length of your loan.
• Your Eligibility – Sometimes, your credit will limit what kind of programs you’re eligible for. For instance, if we’re running a no money down offer, that program may only apply to people with higher credit scores.
• The Car You Can Afford – Your finance company will make the determination of how much money they’re willing to lend out, which will determine the car you are able to purchase.

OUR SPECIAL FINANCING PROGRAMS

While it may be difficult to obtain financing through other dealerships, you won’t have that problem here with us. With our special financing programs, we offer our customers who’ve made some credit mistakes in the past the opportunity to get behind the wheel of the car they need while beginning to rebuild their credit.

We know that everyone in life needs a fresh start every once in a while, so we’ve devised a program that helps people with lower credit scores. Fill out a finance application online or call a member of our finance team to get things started, so we can find the right loan for you.

 

START REBUILDING YOUR CREDIT TODAY

You have a shot at a whole new way of life with us at Andy Mohr Speedway Chevrolet. We’ll find the best loan that works within your budget, so you can realistically afford to make the payments that will get you back on track. If you’ve had some credit foibles in your past and you just want to be given another shot, join us from the Indianapolis, Fishers, and Speedway areas to get the process started.

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