Before you even decide which new or used vehicle you want,
you should know your credit score. The credit score affects your interest rate,
down payment and even how much vehicle you are able to afford. If you decide
you want a new or used vehicle from Melloy
Dodge you should have a credit score that will help you get a
lower payment.
Lower Interest Rates
The higher your credit score, the better the interest rate
you'll get on your vehicle loan. When you are able to shave dollars off the
monthly payment due to lower interest rates, you'll be able to afford a more
expensive vehicle. This could mean the difference between a higher trim level
with the options you want or even the type of vehicle you are looking at.
Get the Vehicle You Want
Your debt to income ratio is part of determining whether you
are eligible to finance a certain amount. If your debt exceeds your income, you
may have less money that is available for car payments. Thus, knowing your
credit score helps you choose the vehicle you want. You may not be able to
afford a $40,000 vehicle but may be able to afford a $20,000 vehicle. If your
credit leaves something to be desired, you may have to choose a vehicle that is
less expensive so that you qualify for the monthly payments.
You are able to pull your own credit report through various
websites. Or, you may ask us to qualify you for an amount before you start
looking. If you have bad credit, no credit, or past credit problems, contact New Mexico Credit Center, a proud partner to Melloy Dodge. New Mexico Credit Center
can help you establish your credit, so you can find a new or used vehicle that
you will enjoy and that fits your budget.