Improve Your Credit, Improve Your Loan Rates

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How can I improve the interest rates I am offered?

Improve Your Credit, Improve Your Loan Rates

When you compare auto loan rates, your past behavior will have a huge impact on the rates that you actually qualify for. No matter what great rates you're able to find on the internet, you'll only qualify for those that are offered to people with credit ratings that are similar to yours.

The best auto insurance rates will be given to the people with the best credit history. If your credit rating is not stellar, you'll be offered interest rates that are not as attractive. So before you begin to compare auto loan rates, pull a copy of your credit report and attempt to improve it as much as possible to help increase your chances of getting a good rate.

2 Ways to Improve Your Credit

  1. Look for mistakes. If there are mistakes on your credit report, it could be lowering your score when you don't even deserve it.
  2. Pay off debit balances. High credit card balances will lower your credit rating. Make a bulk payment to your credit card company to lower your balance and give it a couple of months to have an effect on your rating.

   

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