Our Acura financial center works with car buyers of all credit levels. In fact, we manage to secure loans even for those whose credit scores are at sub-prime levels. Nevertheless, we do recommend spending time elevating your score to increase the odds of getting approved for desirable financing options.
When Should I Improve My Credit Score?
We recommend that car buyers try to elevate their score if it’s at sub-prime levels. This is defined as a score 669 and below. A score above 670 is considered good for most car loans, provided you don’t have any other major risk factors. Having a good credit score makes you a more attractive borrower because you’re seen as less of a risk and less likely to default.
Here are ways to improve your score for Acura financing.
Set Up Automatic Payments
Setting up automatic payments for your credit card and loans prevents late payments. This is important because banks and lending institutions will report late payments submitted 90 days past the due date. A single late payment report can result in a 100-point drop in score.
Monitor Your Credit Utilization Ratio (CUR)
CUR is the balance on your credit card versus your credit limit. Try to keep the ratio below 30% at all times. In other words, if your credit limit is $10,000, then try not to exceed a $3,000 balance.
Dispute Errors
Exam your credit report. Do you notice any oddities, such as accounts or hard inquiries you don’t recognize? It’s important to actively dispute these possible errors. You can hire a credit repair agency that will dispute these errors on your behalf.
Visit MotorWorld Acura to see our inventory. We have financing options available for all models, including the Acura Integra and more. Improving your score increases your odds of securing a favorable loan.
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