Credit Scores and Car Loans

The majority of people will need to secure a car loan before they are able to purchase a new or used car, and the terms of a loan will rely heavily on your credit score. Although other factors may apply, such as your income, lenders will almost always look at your credit score first.

If you are looking to purchase a used vehicle in the Austin area, visit one of the 11 locations of Chapman Motor Sales. We offer in-house financing to our customers, and customers with good credit may be eligible to receive a low-interest loan. If you currently have a low credit score, the Austin used car experts of Chapman Motor Sales can help you secure a loan to purchase the vehicle you need.

How Credit Scores are Determined

A credit score is a three digit number that represents your expected ability to make payments on loans. It is based on the following:

• Late payments
• Types of credit you hold
• Home ownership
• Length of credit
• Availability of credit
• Availability of credit to debt ratio

When examining your credit score, we will consult one or several of your Equifax, Experian, and Transunion credit scores. Your credit score will affect your eligibility for a loan, the interest rate of a loan, and the amount of necessary down payment required for your vehicle purchase.

Contact Us

No matter your credit score, the in-house financing department of Chapman Motor Sales will work hard to help you find a great car and secure the financing you need. Drive away in a new car today with a car loan from one of our 11 Austin used car dealerships.