An important step in the process of applying for Honda financing is figuring out your credit score. This numerical value indicates how well you have taken on debt and repaid it in the past. Not borrowing money or failing to repay borrowed funds will result in a low credit score while taking on more debt and successfully repaying it will result in a higher credit score.
Anyone looking to borrow money from a lender, including for their car purchase, will need to check their credit score. In general, having a lower credit score makes it harder to get loan approval and will result in higher interest rates. On the other hand, drivers with high credit scores tend to earn lower interest rates and have fewer issues getting their loans approved.
Applying for Financing with Poor Credit
Our team here at our Aberdeen Honda dealership can help drivers get approved for a loan even if they have poor credit. Our Honda finance team is connected with local and national lenders who offer competitive rates and who can help you build your score as you pay off your new car loan.
Contact our Honda financing team today to learn more and to get started with your loan application.