Your credit score is like a GPA for your money. It reflects your history with paying bills and acquiring debt. The higher your credit score, the lower interest rate you’ll get on your auto loan. Here’s the average auto loan interest rates on the FICO scale as of October, 2019:
Even if you have bad credit – anything below 650 – you can still get a car loan in San Diego. In fact, purchasing a car you can afford and making the payments on time will improve your credit score. To see how much car you can afford, calculate your payments in advance. Here are some other ways to finance a car when your credit isn’t so great.
Contact BMW of Escondido and we’ll answer all of your questions about credit scores, financing, and how to get a car loan. We can help you understand your credit score, then choose the best car that fits your budget – something a non-dealership lender can’t do.