Ford financing can be made simple and easy with a team of experts who are by your side every step of the way. At Dean Arbour Ford of Alpena, we’ll provide you with professional financial guidance, including how to finance with a low credit score.
What is the Purpose of a Credit Score?
Credit scores are incredibly important as they often can define the quality of your final auto loan deal. That being said, many of our customers are unsure of how credit scores work.
Essentially, a credit score is a numerical grade assigned to you by financial institutions. This grade is determined on your general financial trustworthiness and is heavily influenced by other lines of credit and whether or not you’ve been late on making credit payments.
Having a less than favorable credit score can dramatically reduce how much a financial institution is willing to lend you and can change how much you pay regularly.
How to Get a Good Deal with a Low Credit Score
While a credit score can shift the results of an auto loan they don’t always define it. There are many ways in which you can still get a great auto loan deal with a poor credit score. A common method buyers use is to provide a substantial down payment.
Down payments are lump sums of cash that you provide upfront to pay towards the total cost of a vehicle. This sum of cash can reduce how much you have to finance for, and can lower the interest rate of your auto loan.
Getting a Great Deal at Our Ford Dealership
Whether you’re a local to Alpena, MI, or are from out of town, our financial team will ensure you have the best Ford dealership and financing experience possible. At Dean Arbour Ford of Alpena, we make it our mission to make car buying easy.