Buying your first car is an important milestone. It is a symbol that you are progressing in life. Having a vehicle, whether it is a new or a used one, allows you to have more independence. But to be capable of procuring it at a decent car loan rate you need an adequate credit score.
In average, to be able to afford a new car you should have a credit score of 714, while for a used vehicle is enough with a score of 655. To ensure you get a nice car loan rate you should start checking your credit score as soon as you start thinking of buying a car. That way you’ll be able to make changes in your financial affairs in time and secure the best credit score possible.
In this infographic, BestCarFinder will inform you of which aspects influence your credit score. Moreover, they will let you know the average car loan rates that can be expected according to credit score rates. If you follow their advice, you might get a more favorable deal.
An infographic by BestCarFinder.