Three Ways to Improve Credit Scores for Used Car Financing
If you’re looking for a great deal on used cars, one of the best ways to save money on your purchase is to have a respectable credit score. A good credit score will get you a lower interest rate which can save you thousands of dollars over the course of your financing. Here are three ways you can improve your credit score before heading to your used car dealer.
1. Get a copy of your credit report. You can legally get one free copy of your report each year by going online to one of the many websites that offer it. You’d be surprised how often mistakes are posted to your credit report that can bring down your score significantly. By asking the creditors to make the necessary changes, you can improve your credit score.
2. Pay off some debt. If you have old debts, you might be able to settle them for half of what you actually owe with a simple phone call to the creditor. The more you can pay off, the better your score will be.
3. Keep old accounts open. Many people think closing their credit accounts will improve their score. However, part of your score is based on the length of time you’ve had credit. By keeping your oldest accounts open and in good standing, you can boost your credit score for financing a used car.
Use these tips and getting a decent interest rate at your used car dealer should be rather simple.
