Credit Tips From Woodhouse Chrysler Dodge Jeep® RAM Blair

January 15th, 2020 by

It’s 2020, and Woodhouse Chrysler Dodge Jeep® RAM Blair hopes that your new year’s resolutions are going smoothly so far. We know that many of our customer’s goals center around improving their financial health as the year kicks off, so we thought we’d share a few quick tips about things to keep in mind when it comes to your credit history.

Whether you’re planning on financing a new Jeep® Wrangler or leasing a Jeep® Grand Cherokee, your credit history affects your options when it comes time to sign on the dotted line. Credit scores impact everything from interest rate to loan terms, so it’s worth going into the process with open eyes.

Let’s talk about the three C’s of credit:

Capital. Your capital can be, at its simplest definition, anything of value that a bank could theoretically use to satisfy your debt to them if income were not available. Capital can take the form of savings, investments, real estate, or other personal property. This gives lenders a little peace of mind, just in case.

Character. Now, this isn’t about how often you donate to charity or donate to homeless shelters, but your character does come into play when considering credit. Lenders want to see that you:

  • Have had access to credit before
  • Show a stable employment history
  • Have reliably made payments on time

Capacity. This is important because, even if you have a stellar credit score, lenders want to know that you have the financial resources available to cover your would-be debt. They’re going to ask about your current income, living expenses, dependents, and any other liability you may already be carrying.

Whether your credit history is exceptional or in-progress, Woodhouse Chrysler Dodge Jeep RAM Blair is ready to help you choose a Jeep Grand Cherokee in Blair or get behind the wheel of a Jeep Wrangler. Contact us or stop by today to learn more!

Posted in Finance