Experts say the credit crunch is loosening. But to get the best interest rate on your car loan,
your credit score needs to be as high as possible. These days only
about 10 percent of applicants qualify for the zero- or low-interest
promotions offered by manufacturers.
Need a loan with bad credit? Let http://www.badcreditpersonalloans.net/small-business/ help you find one today.
It’s a great idea to start working on improving your credit score
several months before you apply for a big loan, whether you are buying a
house, refinancing or buying a car. Boosting your score could help you
qualify for a lower loan rate and save you thousands of dollars over the
life of the loan. Of course, paying your bills on time has a big impact
on your credit score, so be particularly careful not to miss any
deadlines before you apply for the mortgage. Here are other strategies
(and a timeline for taking them) that aren’t as obvious but can also
make a big difference.
When you make your application, the mortgage lender look for three main
things: a steady income, a down payment, and a solid credit history.
Checking your credit report will let you see if there’s anything that’s
hurting your credit. You never know which credit report the bank will
pull, so check all three of them. You can get a free copy of all three credit reports at AnnualCreditReport.com.
Mortgage lenders need to be convinced that you’ll make your payments on
time. Outstanding delinquencies will kill your chances of getting a
mortgage. Pay off all accounts that are currently delinquent before
putting in a mortgage application.
Go over the reports carefully, making sure it's 100 percent accurate. Follow the instructions that accompany the credit report
to correct any errors, especially ones that relate to late payments,
credit limits and balances carried and length of time each account has
been open, as these are the items that have the greatest impact on your
credit score and your car loan. After checking your free credit report
for errors, buying one report with a credit score is a good idea.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.