If you are in the market for a vehicle and you have been denied a loan from some banks because of your credit history, you might be left questioning why your credit score even matters at all.
Creditworthiness: Banks use your credit score as a quick vector check of your creditworthiness, or how likely you are to repay a loan. Low credit scores often indicate a limited credit history, defaulted payments, or a high debt-to-income ratio. None of these factors are catastrophic, though. Whether you have a short credit history or one that highlights a few mistakes, you can still get into the car of your dreams.
The Impact: Banks typically view low credit scores as red flags, and could deny you outright for an auto loan. Without the self-sufficiency afforded by a vehicle or the opportunity to improve a bad score, the credit score cycle can seem self-perpetuating. If your score is just high enough to be approved, you will still be subject to high-interest rates that can make repayment difficult.
The Village Motors of Conover Difference: At Village Motors of Conover, we aren’t like all of the other dealerships looking to make a quick buck. We value people over credit scores, which is why we work to offer you a great deal regardless of your credit history. No matter the severity of your situation, we will do our best to get you financed and on the path toward rebuilding your credit.
If you have questions about credit or would like to get approved for a new vehicle, call Village Motors of Conover today.