Understanding Credit | Your Car Loan or Lease


An Important Number

Your credit score is a three-digit number credit bureaus develop by evaluating the information on your credit file. Along with your credit history, it has an impact on whether or not you are approved for a mortgage, car loan or credit card and what interest rate you'll pay.

Lending Industry Standard

A borrower's credit score has been proven to be the best predictor of the borrower's repayment performance. The three major credit bureaus generally use a formula developed by the Fair Isaac Corporation (FICO) to analyze the credit information they have on file for you. Your FICO score is what most lenders use to determine the interest rate you'll be offered. Borrowers with high credit scores are usually offered lower interest rates, while those with lower scores may still get credit but will have a higher interest rate.

Figuring Your Score

The three major credit reporting agencies may each assign you a different credit score, based on the specific information each has on file. But they follow a similar method to come up with that number, which range from 300 to 850. The median credit score in the United States is 723. Knowing your FICO score and understanding how it is calculated can help you improve your credit profile and thus affect what you pay for financing. 


Today's interest rates are still low, so if you feel your rate is too high on your current auto, boat, or RV please give us a call at 1-800-635-8000 to see if Dave Smith Motors Finance Department can help you save money on your car loan. Contact one of our finance experts today for low rates and refinancing options on automobiles, boats, and RV's.


If you have experienced a bankruptcy Dave Smith Motors wants to help. We work with many lenders and banks. We will work hard to help you find the best  interest rate and help you start to rebuilt your credit. Because of our low prices many times we are able to get your loan approved even if others have failed in the past. Getting a car loan after Bankruptcy is possible, our team will work hard to find the best options for you.

Call 1-800-635-8000 to find out why 1,000s choose Dave Smith Motors.