Views expressed in this article are not necessarily those of Capital One.
Buying a car whether it’s new or used, can be one of the most exciting and fulfilling moments in our lives (it can also be one of the biggest financial moments too). When trying to decide the best financing and loan options for purchasing your car, it’s important that you find the right one for you. You don’t want to be in a situation where you’ve found the car of your dreams, but the financing options make it dreadful to even complete the purchase. Instead, you want to explore all of your loan options, because finding the right financing can save you so much money in the long run.
Capital One’s got you covered on car loan financing:
When you’re in the process of applying for car loan financing, one of the first things many lenders will do is look at your credit score and history—which will be used to help determine what loans you qualify for and your interest rate.
With a good credit score, you are more likely to be offered lower interest rates which in turn will save you so much money and time. However, if your credit is a bit lower, you may still be eligible for car loan financing, but you may have a higher interest rate.
So before you begin shopping for that shiny new toy, check your credit score for free with CreditWise® from Capital One. CreditWise from Capital One is a free credit monitoring tool that helps people understand, improve and protect their credit. With CreditWise, you can:
Access your credit score for free, without negatively impacting your credit.
Review your credit report (updated weekly).
Discover key factors that impact your credit score.
Get credit alerts when your credit report changes, due to recent inquires, delinquent accounts and more.
With CreditWise, you will also have access to innovative features that include:
SSN Tracker- CreditWise tracks if your SSN is used to apply for credit
Dual Bureau Credit Alerts- CreditWise alerts you if there are changes to you Experian or TransUnion credit report
Dark Web Surveillance- CreditWise scans the dark web for a user’s SSN and email address— and provides tips on what to do if your information is exposed
Although the score provided by CreditWise may not be the exact score lenders will use when making credit decisions, it will give you a good idea of where you currently stand with your current. You want to make sure your credit report is as accurate as possible before you begin applying for loans, and if you may run across any errors, report them to the major credit bureaus: Equifax, Experian, or TransUnion.