Understanding Credit in the Automotive World in Idaho

Have you been interested in buying a new vehicle, but you're worried about how your credit score will affect your loan offers? The fact is auto loans differ from personal loans and lines of credit. A low credit score might prevent you from opening a new credit card, but it doesn't mean you won't be able to find an affordable auto loan. 

Plus, finding an auto loan is easy with Dave Smith Motors. Our expert finance team can help customers find the loan that fits their budgets, regardless of their credit scores. To see how credit affects auto loans, read on!

How Your Credit Affects Your Down Payment in Salt Lake, UT

You might already know that a down payment is usually required when you buy a vehicle. If a model is listed for $20,000, and you offer $3,000 in cash, you'll be applying for a $17,000 loan. If your purchase isn't urgent, do your best to build a down payment before you search for a new car, truck, or SUV. 

Whether or not you qualify for a loan depends on your credit history. Lenders like to see regular credit and rent payments, a history of personal loans, and a low credit utilization. When you meet these requirements, you're considered a reliable borrower, which will encourage the lender to offer you a higher auto loan. 

This will help you invest in your dream model, even if you don't have a huge down payment available.

Rebuild Credit With an Auto Loan in Idaho

If your credit score is less than perfect, but you've qualified for an auto loan, regular payments can help rebuild your credit. Remember-lenders love to see on-time payments over a long period of time. 

Each month, when you submit your auto loan payment, you're showing lenders your high level of financial responsibility. Auto loans make it easy to build credit from the ground up-your score should improve by a small margin every month your payments are on time. 

If you want to learn more about rebuilding your credit with an auto loan, contact our financing professionals at Dave Smith Motors.

Affordable Monthly Payments in Idaho

In this economy, saving money wherever possible is vital. Keeping auto payments low is a great way to give your budget breathing room. A lower credit score might make an impact on your ability to get an auto loan elsewhere. 

At Dave Smith Motors, you'll find a loan, even if your score isn't perfect. You won't drop a fortune every month on an auto payment when you have the loan that fits your budget!

Apply for Auto Financing in Idaho With Dave Smith Motors

Our friendly financial experts are here to help you find the auto loan you've always wanted. Don't let a high price tag prevent you from taking home your dream model! 

You can apply for financing directly on our website-it's quick, easy, and encrypts your information to keep it safe. Give us a call with any questions you might have.