Have you been looking for dealerships near you that cater to customers with less-than-perfect credit? You're in luck! At Derrow Shirkey Ford, we work with car shoppers throughout Montpelier, Holiday City, and West Unity, Ohio, who may need a loan that's designed for folks with less-than-ideal credit.
What Is Considered Less-Than-Perfect Credit?
What Is Considered Less-Than-Perfect Credit?If your FICO score ranges between 580 and 669, your credit score can be considered less than perfect. Car shoppers with this status may be offered higher interest rates and extra fees than other buyers.
Fair Isaac Corporation developed this tool in the 1950s to measure consumer credit risk. Credit scores range from 300 to 850 and indicate how likely it is for a borrower to repay a loan. Your credit score can affect your car-buying power.
Why Do I Have Less-Than-Perfect Credit?
Less-than-perfect credit doesn't happen overnight. It develops over time and can be unexpected, if you don't know how to prevent it. In some cases, it may be unavoidable, if you're facing other financial challenges.
Missing loan or credit card payments can lower your credit score. High credit card balances and past delinquencies can contribute to a lower score as well. If you're a younger person with very little credit history, your score may be low. Inquiring about your credit multiple times, like applying for credit cards and accounts, can also affect your score.
Your credit history will be examined by creditors or lenders when you're looking to obtain a loan or a lease. They'll review your credit history, including past and present debts and inquiries.
Unfortunately, tough times can occur out of the blue. Your credit history will reflect this, as it lists foreclosures, bankruptcies, car repossessions, and any unpaid debts.
Can I Improve My Credit Score?
All is not lost, however. A less-than-perfect credit score can be remedied, with the right practices and time. You just need to know what to do to improve it.
Before you embark on your credit-improvement quest, order a copy of your credit report. This can be both surprising and enlightening. There may be blips on the credit radar that you didn't remember or didn't know could affect your credit score.
When you make a payment on a credit card account, for instance, make sure that you pay it on time and in full, if possible. If you cannot pay the total bill, pay at least the minimum-hopefully more. This eliminates any late fees or the extra interest that can accrue.
Credit card or store card offers can be enticing, with incredible discounts and other perks. Sometimes it's worth having, if you often shop at that store and pay the bill on time and in full. It's not a good idea to inquire about a card you think you might need. Multiple inquiries can lower your score by five points at one clip, whether you're approved or denied.
Visit Less-Than-Perfect Credit Dealerships near Me
Once you've found a less-than-perfect credit dealership nearby, contact them to discuss how they can help you examine your car financing options. Car shoppers around Montpelier, Holiday City, and West Unity, OH, can rely on the financial guidance that Derrow Shirkey Ford provides.
Contact us online to schedule your consultation today!