If you're shopping for a used car around the Fayetteville, North Carolina, area and you have great or good credit, there's good news here at Lee's Auto Sales of Fayetteville INC! Motorists who possess healthy credit scores can find an array of competitive financing options at our used car dealership to help make their next vehicle purchase affordable.
Maybe you're shopping for a used Ford, Dodge or Chevy SUV or pickup truck around Fort Bragg and want to put your good credit to use to obtain a favorable auto loan. Our pre-owned car dealership is proud to serve drivers of various credit scores, and those with good or great credit ratings can certainly find financing assistance here.
If you're still exploring your used car, truck or SUV options and are wondering how your current credit situation affects your auto loan options, turn to the finance pros at Lee's Auto Sales of Fayetteville INC. Let's review the benefits of buying a car with good credit and whether your current rating may qualify you for these perks!
What is Considered a Good Credit Score?
Before jumping in and discussing the benefits of purchasing a pre-owned vehicle with a good credit score, let's cover what is considered good credit in the first place. Typically, lenders view applicants with a 600 credit score or above as more likely for approval than someone with a rating that falls below this threshold. Around a 600 credit score, or the bottom of this range, is often referred to as fair or near-prime credit.
Good credit is often defined as a rating around 700. If you possess a 700 credit score or above, congratulations: you possess a good or even excellent rating! A score in the 750 to 850 range is often considered excellent.
Now that we've covered what a good credit score is, do you know if you fall within those parameters? If you're unsure of your current credit rating, you can obtain a free credit report before applying for used car loans. Knowing where you stand with your credit level will only help you gain more perspective when it's time to secure financing for your next vehicle.
Benefits of Buying a Car with Good Credit
When you possess good credit or excellent credit, you are much more likely to be approved for financing. That's because your requested loan is perceived as a lower risk to potential lenders. It only makes sense that the higher your credit rating, the higher the chances are for auto loan approval, but what about financing rates?
Your credit score also affects the loan rate you qualify for when applying for used car financing. Similar to your chances of approval, the lower relative risk that comes with a prime or near-prime rating means that you may be able to obtain a more competitive, lower loan rate.
Over the life of a loan, even a slightly lower finance rate can save you significant money! After all, why pay more to borrow money for your next vehicle purchase if you can pay less?
The finance team at Lee's Auto Sales of Fayetteville INC welcomes used car shoppers from nearby Hope Mills, NC, and surrounding communities to explore their auto loan options at our pre-owned car dealership. Suppose you're one of these drivers who is ready to shop for and finance a used vehicle here. In that case, we invite you to contact our staff, utilize our helpful payment calculator or apply for auto loans online now.