Do you know what your credit score is? Do you know how to find out? Even if you don’t care about what score you have currently, we would like to highlight how important it is and explain exactly why you need to know your score at all times.
Improving the Score
In order to improve your credit score, you need to know what it is. This means that you need to check it frequently in order to notice if and when it fluctuates, so that you can understand what is causing it to go up or down. Most often, late payments in bills will make it decrease. Whereas paying your bills on time and consistently will make it increase. Monitoring your score also allows you to prevent identity theft or fraud.
Financing Options
If you ever need a loan, the lender is going to check your credit score to determine if they should lend you money. The higher your score, the more benefits you will have. Having a good credit score could mean you get lower interest rates, quicker loan approvals, and higher loan amounts. Whereas lower credit scores can mean you get denied loans, lower approved loan rates, and higher interest rates. This is why you need to know your score and make improvements, if necessary, in order to make sure you get approved for a loan on the best terms possible.
Read More: https://www.nexcar.ca/blog/why-your-credit-score-is-important-to-know/
How We Can Help
If you need a Toronto Auto Loan, give us a call today! You can also learn more about our financing options on our website!
