No matter if it’s your first time applying for car financing or your tenth, it’s easy to be confused by credit scores. However, a strong score is your best ticket to the most exciting Lexus financing plans. With these tips from Fields Lexus of Glenview, you may be able to quickly boost your score or start the process of growing it over time.
What Makes Up a Credit Score?
Most car dealerships use your FICO® credit score, which is calculated using five categories. Two-thirds of your score is determined by your payment history and credit utilization, so setting up AutoPay for scheduled bills and reducing your overall credit use can make a big impact. The final third is determined by how long your credit history is, the variety of types of debt you have, and any recent “hard check” credit inquiries for new accounts.
What’s a Good Credit Score?
A “perfect” credit score is 850, but anything above 700 is usually considered a strong place to start when financing. Scores between 650 and 700 are often still approved, but you probably won’t have access to the lowest interest rates you may see advertised. If your score is below 600, you’ll have a hard time finding a financing plan.
How Can I Improve My Credit Score?
Building good credit is a long, steady process, but there are some ways to quickly boost your score. You can challenge any mistakes you’ve found on your report or request a credit line increase, as long as you don’t use your extra credit, which will lower your credit utilization ratio. Of course, adding a co-signer with strong credit is always an option for improving your application quickly.
Apply for Lexus Financing in Glenview, IL
With a little preparation, you can improve your credit score and find the perfect Lexus financing deal for you. Visit our Glenview Lexus dealership and learn more about our credit application process. Find a plan, explore our lineup, and take your new favorite Lexus car for a test drive today!
