The Hyundai finance department here at Heritage Hyundai Towson always tries to find the best possible loan for every driver who wants to buy a new car, but it's easier to get low interest loans if you have a good credit score. Here's some ways to raise that score before you shop.
Pay Down Existing Debts
If you can, paying off some of your existing debt when you're ready to apply for a new car loan can help you improve your credit score. Lenders usually don't balk at a little bit of debt, but if you have a heavy debt load compared to your income and assets that can adversely affect your credit score.
Paying off any debt that you can before you buy a new Hyundai SUV can help you get a loan with better terms.
Keep Making Payments On Time
If you have debts and bills to pay, keep making those payments on time. A late payment can carry fees and extra penalties, but that's not their only downside. A habit of making late payments can reflect poorly on you and hurt your credit score.
On the other hand, if you keep making those payments on time each month, you'll improve your credit score over time. So keep track of your due dates and set up auto payment options if you can.
Accept Credit Card Limit Increases
Sometimes your credit card company will offer an increase to your card's limit. Taking them can help you improve your credit score.
This is because one thing that credit bureaus look at is your credit utilization. Having a lot of credit available to you and not using most or all of it can show a potential lender that you are responsible with your spending.
Finance Your Next Hyundai Vehicle
If you want to learn more about Hyundai financing options and how we work to get drivers the best possible loan terms, visit our new car dealership near Baltimore. We look forward to assisting you.
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