Information is all over the internet these days – you can find out just about EVERYTHING you would want to know, about ANY topic. However, one topic that still seems to be a mystery to people is credit. Especially important in car buying – knowing a little something about your credit can go a long way. The finance office isn’t a trip to the dentist! Equipped with a little information, you can take proactive steps to improve your credit! Those videos you didn’t return three years ago that you still owe $10 on? PAY IT OFF! Did you accidentally leave a few dollars on a credit card when you closed it? Pay that off, too! We’ve even seen credit blemishes from monthly tanning packages that were never cancelled – and these are SO easy to take care of!
Simple things can make a BIG difference in your credit score, and consequently the interest rate that you qualify for. You can receive a FREE credit report each year, so check yours out and see what’s on it (and checking your free report once a year does NOT blemish your credit, as many people have been led to believe.) Look it up – your credit may be better than you ever imagined and a new or used car could be in the cards for you right now!
Davis-Moore offers some great tools here in Davis-Moore.com to help you get started. Under the FINANCING tab (top right of your screen), you’ll find the following:
ABOUT finance – A basic overview of the finance department. Learn a little about the benefits of utilizing dealer assisted financing (banks actually compete for your business, and in turn you often get more competitive rates.) Plus, OUR finance hours are the same as our sales hours – so no waiting for the bank to open on Monday if you want to buy a car Saturday afternoon!
Finance application – YES, you can apply for financing online! The form is easy and convenient and takes only a few minutes to fill out. NOTE that if you fill this form out, your credit report WILL BE PULLED! This is an official start to the finance process, though you can do it in your pajamas instead of at the dealership!
FAQs– Answers to some of the most commonly asked finance questions. Don’t see what you’re looking for? On the left hand column of the page click the CONTACT US button and we’ll be glad to help you out!
Payment calculator – Plug in values for your loan (price of the car, minus any down payment or trade-in value), how long you want to make payments, and interest rate. Make sure you are being realistic about the interest rate you work with – don’t put in a low rate just because you HOPE you’ll qualify for it. Use an average rate for your calculations…then if you qualify for something better you’ll be pleasantly surprised!
Credit score estimator – This tool helps you estimate where your credit is. Your credit report is never pulled so it isn’t guaranteed accurate, but if you answer the questions honestly it should give you a good idea!
Hopefully this information helps to give more transparency to credit – and its role in your auto finance process! You have questions; please don’t hesitate to contact us – we’re glad to help!