Buying a car is an exciting moment. Whether it’s a functional family vehicle or something a little more fun, it’s a big purchase that takes a lot of consideration. Once the keys are in your hand, it makes you feel like you have the freedom to go wherever, whenever – even if it’s just to the grocery store.
But before you head to the dealership, there are a few things to know about how your credit score can impact your ability to buy a car.
Your credit score can impact your loan rate.
A good credit score can come in handy for many big purchases, and a new car is no exception. When it comes time to get a loan or financing, the higher the credit score, the better. This will increase your chances of getting a lower interest rate.
Just renting? Your credit score impacts leased vehicles too.
Auto lenders will look at your credit score when you’re leasing a car as well. It’s a good thing to keep in mind before you make travel plans (when we all start travelling again, of course).
Credit scores can feel a little abstract. It’s easy to assume that your credit is either good or bad without knowing the real number, but you don’t have to wait to find out. You can check your credit score right now with Credit Keeper™ from Capital One†. Knowing your credit score is just one way to make sure you’re headed down the right road – hopefully in a new car.
† The credit score and report information provided by Credit Keeper is intended for educational purposes only. Lenders and other commercial users may use a different type of credit score and other information when making credit decisions. Credit Keeper is currently not available to residents of Quebec.