Today, let’s talk about credit scores. Before you hit the car lot it is imperative that you know your credit score. Why is knowing your credit score important - several reasons. One, knowledge is power. Two, the more you know the better position it places you as a consumer. In the past, I’ve had car shoppers come to lot seeking a $350 payment on a $25,000 car! Yet, they were working with a credit score under 600. Challenged credit does NOT put you in the position to receive the better interest rates. Oftentimes, I have to inform customers after they’ve arrived on the car lot what their credit score is, because they did NOT do their due diligence and research it. This is time wasted for both of us. Now, I turn into a credit instructor instead of a car sales professional. We end up spending time discussing credit scores, the affects of credit scores when buying a car, etc instead of discussing what kind of car you want.
In the interest of not wasting time at a car lot, I strongly recommend doing your homework. Consider downloading credit apps such as Credit Karma or Credit Sesame. These apps allow you to have an estimate of where you fall within the FICO credit range. You will be equipped with that knowledge and not blindsided when car sales professionals, like myself present a sales quote with your interest rates. Like I tell customers all of the time: “Credit score determines interest rate and interest rate determines payment.” These and more helpful tips are located in the ebook that will be released next week. Be sure to pre-order your copy of A-Z: Car Guide to Buy Like A Pro Click Here
As always, You Have Questions? I Have Answers! So, #AskVictoria
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