When you go to apply for a car loan at your Lynchburg, VA bank or here at Lynchburg Mazda, your credit score plays a role in the terms you're offered. By improving your score, you may be able to get a lower interest rate, a smaller down payment, and more. Not sure where to start? Use these handy tips.
On-time payments are one of the easiest ways to improve your credit score. If any of your accounts are past due, pay them ASAP. Every month you're late, your score drops.
If you have credit cards in good standing, an easy way to raise your credit score is to request a credit line increase. This is one way to reduce your credit utilization or the percentage of available credit that you're using. A lower utilization ratio gives you an increased credit score; keep in mind that you may need to wait one or two billing cycles to see the results.
