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Brush Up Your Credit for the Car of Your Dreams
Auto loans are easily accessible to most consumers. However, the lower your credit score, the higher interest you will pay after you obtain the loan. Before you purchase a new vehicle, take some time to brush up your credit file so you can get a better loan with a more affordable payment. The following tips should help you get started.
Check Your Report
It's important to obtain a copy of your credit report from all three major credit reporting agencies; TransUnion, Equifax and Experian. Each of these agencies reports different information. They also use different algorithms to calculate your credit score. Getting a copy of your report from each agency will help you identify all of the issues that need work.
Next, take care of any problems that you identified. Dispute any incorrect entries, make sure your accounts are paid on time, and pay down your debt so you can lower your debt utilization to less than 30% of your available credit. These things all impact your credit score.
Do Your Research
Different lenders use different credit reports. Check with each lender and see which credit bureau they will obtain your file from. Once you have this information, determine which credit reporting agency assigned you the highest credit score, and only apply for loans with lenders that use that agency.
Get Your Car
Once you have your credit looking great, you can apply for the loan you need to get the car you want. Make sure you have a budget in place so you know what kind of payment you can afford. You can then get to the fun part: shopping for the car of your dreams.
If you are in need of credit repair, We have provided a list of the top credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.