Think things through before you commit to a seven-year Car Loan.
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For most of us, Buying a Car involves getting a Loan, whether from a bank, a Credit union or an Auto manufacturer’s captive finance company. Whether or not we’re approved for that Loan is determined by our Credit score — except, in one case. According to a report published by CarsDirect on Friday, Ford has removed the minimum Credit score requirement for its 84-month Car loans.
This can be considered problematic for a few reasons. Typically, a minimum FICO score is taken as an indicator,…
Car Insurance in Brooklyn is no joke. If you’ve tried to insure your Car while living in Brooklyn, you’ve probably discovered this for yourself. Car Insurance in Brooklyn is much higher than anywhere else in the country — the average Car Insurance rates nationwide range from $700 to $1,000 yearly, depending on your age group.
The average Insurance rate in Brooklyn? An average of $3,500 yearly, over 140% the national average. That’s even higher than many of the rates for other boroughs in NYC: the average yearly rate in Queens is $2,400; $1,400 in Brooklyn and the Bronx.
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You’re finally on the road in your revamped vintage Bronco, but if your Credit is poor, you could be leaking money as you go.
Ordinarily, your Credit score is used to show lenders that you can be trusted to make…
Is your Credit score costing you money?
Insurers consider a variety of factors when setting Auto Insurance premiums, including a motorist’s driving history, address, vehicle make and model, and surprisingly, their Credit score. At first glance, your Credit score might seem unrelated to your ability to drive safely, but statistics tell a different story.
What does your Credit score say about your driving habits?
Insurers look at credit scores as a measure of a driver’s responsibility. The indication is that those with high Credit scores manage their money well and are more likely to behave more responsibly behind the wheel.…
Here is some good news for you — you can get an Auto Loan despite your bad Credit score. Now, you can say goodbye to your old Car that makes those concerning sounds.
Companies will grant a Car Loan to people with bad Credit scores because a Car Loan is a form of a secured Loan. This means the Car you will purchase will act as collateral if you default on your Loan.
In addition, you will not be exploited by sky-rocketing interest rates and strict Loan restrictions due to the enormous competition in the Auto Loan industry.
A Consumer Financial Protection Bureau study in 2012 found that most consumers who scored well under one scoring model generally scored well on other models. But a “substantial minority” could see large variations, it said, so consumers “should avoid relying on scores they purchase as the sole basis for assessing their creditworthiness when making important decisions about obtaining Credit.”
The Consumer Reports review examined the five most popular Credit scoring apps according to download data. In addition to apps offered by Experian and TransUnion, the report considered apps from Credit Karma, Credit Sesame, and myFICO. (An offering from Equifax didn’t…
By Monica Laliberte, WRAL executive producer/5 On Your Side reporter
From Buying a Car to Buying a home, to whether you get that job, your Credit score plays a critical role. It pays to have a good one.
“A bad Credit history can also make it difficult to rent an apartment, go to college or even get a job,” said Lisa Gill, with Consumer Reports.
A low score means you’re more of a risk for lenders, and you’ll pay more interest on loans.
If you’re looking to improve or even establish your score, an important first step is to open…
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
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Buying your own Car can unlock a sense of freedom that’s hard to get anywhere else. But before you sign on the dotted line, you’ll need to meet minimum Credit score requirements to qualify for an Auto Loan.
It can be tough to know whether you have the right Credit score needed to buy a Car.…
Low Credit can limit your financial opportunities.
Whether we like it or not, Credit plays a big part in everyday life. If you want to be approved for a mortgage, Car Loan, or Credit card, your Credit score will play a big factor. Those with higher Credit are more likely to have better financial options, such as access to low-interest loans or rewards credit cards with premium perks. Having a low Credit score can be a barrier to those opportunities. Keep reading to find out how a poor Credit score can make your life worse.
1. Low Credit may limit…