Car Loan Credit Score

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http://www.matrixloanprocess.com/lpdoc.html

Car Loan Credit Score

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Car Loan Credit Score

  1. 1. How Your Credit Score Affects Approval For Car Loans While shopping around for loans to purchase a car, it is important to note that car loan credit score plays a major role in determining approval for an auto loan. Each time you apply for credit, an inquiry will be made with the credit agency. Borrowers are rated within a range of 300 – 850 in which 300 represents the highest risk while 850 is the lowest. Some factors that are likely to affect credit score include paying your bills on time, current loan obligations, and negative reports filed to name a few. As you look around for a good deal on an auto loan, keep in mind that inquiries you make within 30 days are considered one inquiry while inquiries that are made by credit providers on the other hand appear in a borrower's statement. Nevertheless, shopping for an auto loan does not affect your eligibility. Interest is yet another determining factor. Generally, individuals rated 700 and higher stand a better chance of getting a lower interest loan. Borrowers with scores of 650 or lower are considered higher risk thus making it harder for borrowers to access car loans. People with these scores should consider subprime auto loans to help repair their credit. For more information, please visit: http://www.matrixloanprocess.com/lpdoc.html

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