Credit Reports and Automobile Buying – What You Need to Know

When it comes to buying an automobile, you should give your credit report a good inspection before you get behind the wheel. Many eager automobile buyers decide what kind of car they want, and then are disappointed once they get to the lot. Checking your credit report can help you avoid any unwanted surprises at the dealership, so you can be the one in the driver’s seat during negotiations.

Keep in mind that you are only as valuable to an automobile dealer as the information on your credit report. In most cases, dealers could care less about your appearance, demeanor, or bargaining skills. So if you want a great deal on a car, you’d better make sure your credit report looks good.

Take control of the wheel by getting a copy of your credit report

In order to clean up a bad credit report—or celebrate a good one—you must examine it carefully. A good credit report and a high credit score will give you a lower interest rate and hence, a lower monthly payment on a car loan. If you have a bad credit report, on the other hand, you may not be able to borrow as much money for a car, and the interest rate charged could be unreasonably high.

Also, if you obtain a credit report before starting the car shopping process, you can arrange financing ahead of time. Many lenders will pre-approve car buyers for certain loans based on the information on their credit reports. This helps you understand exactly how much you can afford so you can leverage the pre-approved financing deal against the loan offered by the dealer.

Put yourself in a car you can afford today

By getting a credit report before walking into a car dealership, you prevent any unwelcome surprises, as you will have already reviewed the information the dealer will see. Obtaining a credit report also gives you the opportunity to look for any errors or signs of identity theft, and to pick out areas where you need to improve your financial responsibility. Just as you wouldn’t purchase a car or truck without test driving it first, you also shouldn’t even consider purchasing a vehicle without first seeing a copy of your credit report.

If you’re in the market for an automobile, Get a copy of your complete credit report online in seconds!