Does Credit Matter When Applying for Chrysler Financing

Are you interested in a new Chrysler vehicle or one of the pre-owned cars on our lot? If so, you may want to get pre-approved for Chrysler financing. Your credit score will impact two things – your ability to qualify for a car loan and the terms that are included in your contract. If you want to know the terms available to you, contact Cook Chrysler Dodge RAM to learn how we can help you qualify for a car loan.

How Lenders Interpret a Credit Score

Lenders view your credit score as an indication of how likely it is that you’ll repay a debt. While different credit reporting agencies have their own ranges for credit scores, the two primary ones have a range of 300 – 850. Your credit score depends on various factors, such as your credit history, existing loan balances, and available credit.

Depending on your credit score, you’ll fall into a designated category of borrowers. While this may vary, the general guidelines for credit are:

• Low: 300-629
• Fair: 630-689
• Good: 690-719
• Excellent: 720-850

Loan Terms Influenced by Your Credit

If you want to get one of the new Chrysler vehicles at our location, you may want to finance your purchase. Motorists who have a higher credit score are more likely to qualify for an auto loan. Just as importantly, the terms included in their contracts are often more favorable.

A bank may require you to put down more money if your credit is poor or nonexistent. In addition, the lender may assess a higher interest rate to account for the greater risk associated with your auto loan. To see how a higher interest rate will drive your monthly loan payments upward, use our Chrysler payment calculator.

Apply for Chrysler Financing at Cook Chrysler Dodge RAM

Even if your credit isn’t the best, the pros in our Chrysler finance center can review your options. Head over to our Chrysler dealership in Aberdeen, MD, to fulfill your dream of becoming a car owner today.