Know Your Credit Score

When deciding whether to approve you for a loan lenders will take many things into consideration like how long you’ve been on your job, your income, how long you’ve lived at your current residence and the age and type of vehicle you choose but more than anything else they will look at your credit score. This is why it’s a great idea to know what your score is so you can get a good idea of what kind of financing you qualify for.

680 or above

faqIf your score is around a 680 or above chances are you qualify for top tier bank or credit union financing. You can expect to receive an interest rate anywhere from 1.9% to 4.9% which financing $10,000 would make your payment around $190 to $220.

640 to 680

faqIf your score is a 640 to a 680 you will still qualify for bank and credit union financing but your rate will be a little higher usually 5.99% to 10.99%. Lenders like newer cars so typically the newer the car the lower the rate. Using the $10,000 amount financed you can expect a payment anywhere from $200 to $225 per month. Oh and this is 60 months or five years.

600 to 640

faqIf you are a 600 to 640 score we can still arrange a good loan usually through a bank and sometimes through a credit union depending on why your score is in that range. If you’ve had issues in the past but have done well for a while we can arrange a loan anywhere from 10.99% to 16.99%. Again using the $10,000 amount financed example your payments would range anywhere from $230 to $280 per month. Another way to think of it is for every $1,000 you finance your payment is $23 to $28 per month.

550 to 600

faqIf you’re score is between 550 to 600 we have a handful of great lenders willing to give you a loan. The rates start to creep up at this point but it still often times make sense to finance with outside lenders. Your rate will be between 15.99% and 20.99%. Financing $10,000 your payment would range anywhere from $250 per month at a 60 month term up to $360 a month on a 48 month term.

550 or below

faqIf your score is a 550 or below first of all you are not alone! Life happens. About half the cars we sell are to folks with less than 550 credit scores. Our goal is to sell you a great car regardless of your credit situation and give you some great tools to get that score back up as soon as possible so you can qualify for whatever you want at an awesome rate. If you go to almost any other car lot you can expect an interest rate of 24.99% or above. This means that if you finance a car for $10,000 you will pay over $8,800 in interest over a 48 month or 4 year term. Almost as much as the price of the car! Awful.

No score or zero score

Many people have no credit or haven’t used their credit for so long they no longer have a credit score. There are several banks and credit unions that will grant you a loan but the rates can really vary. One way or another we will arrange a great loan for you or if it makes more sense we will finance you ourselves.

Credit Services

faqOur competitors talk about helping you improve your credit. Markosian Auto delivers by teaming up with Utah’s number one credit repair company Bolt Credit. Shauna and her team are rock stars at getting your credit back on track. No dealer in Utah comes even close to helping you improve your credit situation. Let us help you get your credit back on track.

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