Many of our customers have questions about the importance of credit and financing. Fortunately, our Kia finance specialists here at Jake Sweeney Kia are here to give you a full rundown on everything you need to know about creditworthiness.
Credit and the Basics of Financing
Financing a new Kia car can be pretty intimidating at first glance, as there are a variety of characteristics to consider. However, one important factor in any car financing deal is a car buyer’s credit score. But what exactly is a credit score?
Your credit score is the rating financial institutions use to determine your creditworthiness. Credit scores can vary dramatically among car buyers, since it is based on existing loans and lines of credit. A buyer’s credit score can also fluctuate based on a number of different factors, from how long you’ve had lines of credit to the timeliness of your payments.
Credit and Auto Loans
How does your credit score affect your ability to obtain an auto loan? For starters, your credit score can affect the interest rate and monthly financial burden of your potential auto loan. However, you can always counteract an expensive payment or high interest rate by providing a substantial down payment.
A down payment is a sum of money that you provide upfront that can be paid to the cost of the vehicle. By lowering the amount you have to finance up front and showcasing your creditworthiness, you can improve your overall loan deal.
Buying Your Dream Car at Our Kia Dealership
If you have further car buying questions, our financial experts at our Kia dealership are excited to help you one-on-one. At Jake Sweeney Kia, our team will work to provide you with a truly phenomenal car buying experience.