Glendale Nissan Official Blog
How Does Credit Affect Car Loans and Leasing?
By Product Expert | Posted in Financing on Friday, October 23rd, 2015 at 3:35 pm
When you are planning on buying or leasing a new car, you probably know that credit is relevant to the financing and lease you will be getting. Most people know this, but not everyone knows exactly what kind of a effect it can have. You may also not know that it is possible to get financing even if you have poor credit or unestablished credit. Here at Glendale Nissan, we are devoted to helping people with car financing, whatever their credit situation. So, how does credit affect car loans and leasing? We’ll go over some basics to give you a better understanding about credit and car financing.
When you apply for a car loan, lenders look at credit as a way of determining how likely you are to make payments and if payments are made on time. Once they have an idea of what to expect, they will often set a down payment amount and interest rate. Depending on the credit score, this down payment amount and interest rate can vary. Often times worse credit leads to a higher down payment and higher interest rate. For a lease, this also applies to the security deposit for the vehicle.
Sometimes it can even be difficult to get approved for a loan or lease if the credit score is particularly low. If you are in a low credit situation and you don’t need a vehicle right away, you can work on saving money and building your credit back up. However, here at Glendale Nissan, we don’t think it should be such a hassle to get approved for financing.
We are dedicated to helping people take home their dream cars, no matter what their credit situation. If you are perfectly capable of making payments now, your past financial history should not be the only determining factor when it comes to financing a new or pre-owned car. If you are in a situation where you have below average credit or you simply haven’t established credit yet, we want to help you finance a car. Check out our new Nissan inventory or available pre-owned vehicles. If you find a car you like, you can fill out our online credit approval form on our website or simply reach out to our sales team. Don’t let your credit situation hold you back. Let us help you take home the perfect car.
