Car Loan Rates
Whenever you are in the market for a new car, you will have to take into consideration the car loan rates. Not only are you going to have to worry about your credit score, but you’ll also have to look at the age of your car and whether or not you’ll be able to make the down payment.
Credit score
Taking out a car loan can be an important part of building a credit history. The car serves as collateral for the loan, and the lender can repossess the vehicle if the borrower defaults. However, a car loan can temporarily lower your credit score. If you make payments on time, your credit will improve.
There are many factors that affect your credit score. Some of them are payment history, type of debt, the length of your credit history, and the amount of available credit. Each factor has different weights, and …
Car Loan Rates Read More