The Connection Between Your Credit History and Chrysler Financing

A new car is a big purchase, and it can be a little scary trying to figure out how to apply for and receive Chrysler financing. Here at Cook Chrysler Dodge RAM, we’ll help you every step of the way, and make your experience as stress-free as possible. Let’s start with how your credit can impact financing.

Know Your Credit Score

The first thing to do is to find out your credit score and get a copy of your credit report. Review the details of the report to make sure everything is correct. If there are errors, then they should be corrected, as they can have an effect on your overall credit score. 

If your credit score is higher, you’ll have more options for better finance rates, and for larger loan amounts. If your credit score is on the lower range, you can still apply for financing, but there are a few extra steps you may want to take.

Working With a Low Credit Score

A lower credit score or uneven credit history won’t necessarily stop you from obtaining a loan for a new Chrysler model that you’ve had your eye on. You can make a bigger down payment, which will lessen the amount you need to finance. A smaller loan is more likely to get approved than a larger one.

You can also ask someone with a better credit history to co-sign the loan with you, which may help secure a lower interest rate.

Get Pre-Approved for Financing

If you’re not sure how your score, whether high or low, will impact financing your new car, you can get pre-approved online. You’ll be able to see how much of a loan you can get, which will allow you to shop for a car already knowing your budget.

We also offer an online payment calculator. This hand tool can help you figure out what your monthly payments will be based on the loan amount, your down payment, whether or not you have a trade-in, the term, and interest rate of the loan. 

When you know the facts and figures, financing seems a little less intimidating. Just remember that the team here at our Chrysler dealership in Aberdeen, MD, is more than happy to answer all your questions and help any way we can.