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Coronet of Peru 3705 Frontage Rd | Peru, IL 61354 Sales:866-672-0124| Service:866-672-0124
Factors that Determine Credit Score
Before you buy or lease a car at Coronet Mitsubishi, it is helpful to know your credit score. This is especially true if you need to take out an auto loan. If you finance with us, we will help you get the best deal possible, but a lot of numbers do depend on your credit score.
So what is a credit score and how is it determined?
A credit score is a number associated with the “risk” factor of loaning someone money. It represents how likely you are to pay it back on time. Your credit score represents how reliable you are. Here is what goes into determining your credit score.
Payment History (35% of score) – Have you paid your bills on time and consistently?
Amounts Owed (30% of score) – How much do you owe companies?
Length of Credit History (15% of score) – The longer you have been building credit, the better.
New Credit (10 % of score) – Have you opened any new accounts recently?
Types of Credit in Use (10% of score) –What type of credit do you have? (Mortgages, store accounts, credit cards, installment loans, etc.).
No matter what your credit, we will do everything in our power to help you get the right car for your needs and budget. Stop in to Coronet Mitsubishi to learn about all of our financing options!