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Many drivers worry that a less than perfect credit score could keep them out of a new vehicle. But that’s not the case at Sumter Chrysler Dodge Jeep RAM, where you’re more than a credit score! Our finance specialists understand that purchasing a vehicle is a major decision – and a major investment. That’s why we’ll work with you to create a customized financing plan. more Our team can also help you understand all the information on your credit report, from your FICO score to your credit limit. There are even online credit scoring models, like WalletHub and Credit Karma, that are available to check your credit for free. Here are three factors to consider when financing a vehicle in Sumter: Car Loan Eligibility The two main factors that affect your credit score and eligibility for an auto loan are payment history and credit use. Payment history makes up 35% of your score and is a great way for lenders to determine if they can trust you to pay your bills on time. If your bad credit score is due to a history of late or missed payments, you will likely find it harder to finance a vehicle in Sumter. Credit use comprises 30% of your score, referring to the amount of available lines of credit you’re already using. If you already have a large loan or maxed out credit cards, lenders will be more hesitant to offer a car loan. Interest Rate The lower your credit score, the higher your interest rate will be. While you may get approved for a loan, keep in mind that you will pay much more over time than someone with a good credit score. Tip: You will likely be offered a lower interest rate when buying a new vehicle. Monthly Payments A higher interest rate correlates to higher monthly payments. Remember, trading in your current vehicle will result in lower monthly payments. If your car is paid off, simply trade it in and put the value toward your next vehicle! Or reduce the amount of your loan by saving cash for a down payment. Contact Our Auto Finance Department In Sumter To get a free credit report or to learn more about what affects your score, get in touch today! Our finance specialists can help secure the best rate possible and a monthly payment that fits your budget. Plus, the process is secure to protect against identity theft. For scores ranging from 300 to 850, a score of 700 or above is considered good. But here at Sumter Chrysler Dodge Jeep RAM, we believe that a subpar score by the FICO credit bureau shouldn’t keep you out of a reliable ride. To estimate your buying power and monthly payments, check out our convenient payment calculator. In some cases, leasing a vehicle may be a more affordable option. Our finance experts can help determine if leasing is right for your financial situation. Located in Sumter, SC, we have helped locals from Manning, Camden County and the surrounding areas. From the hottest new models to our certified pre-owned selection, trust our team to help you find a great deal!