Increase Your Credit Report to Apply for an Auto Loan

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Car and Truck Finance Credit Repair

Acura of Memphis knows that buying or leasing a vehicle in Memphis, TN can be difficult. Particularly, if you happen to possess poor credit.

Is it time to buy a new car? Are you attempting to figure out how to repair your credit ranking for an automobile loan? Unsurprisingly, your vehicle finance rate depends on your credit score, profile, and history. Credit repair may take some hard work. You'll probably want to keep track of your score a few months in advance before your automobile financing application. Improving your credit overnight is impossible. Given enough time, however, you can certainly make great strides to a more desirable score. Let us demonstrate how this can help.

What is a FICO Credit Score


Banks and credit unions frequently take FICO history and credit score into consideration when making their decision. Auto lenders factor the a borrower's loan or lease eligibility by reviewing her or his credit history and score.

To provide you with a score, credit unions consider these five factors:

  • Types of credit in use
  • Borrower's Payment history
  • Amount owed
  • New credit data
  • Length of borrower's credit history
  • New Credit

Notwithstanding all this information, the fine art of credit scoring may still not be clear. Because of the complexity of it all, lenders may use several industry-specific factors to assess if you are a low-risk borrower. Remember that your credit score is an important element that determines that you are capable of paying your monthly installments. This means you should learn how to improve your credit prior to applying for car financing.

Why Improve My Credit Ranking?

Car buyers with a superior credit score easily qualify for car, truck, and SUV loans with low interest rates or financing at a zero percent interest rate. A good profile also provides you with the opportunity to negotiate during your car or truck loan. On the other hand, those with poor credit, however, typically are ineligible for zero percent financing, small or zero-down payments, and low-interest loans and leases. In short, you will overpay when you have a less than desirable credit rank.

Useful Advice for Restoring one's Credit Score:

A less than desirable credit ranking is hardly desirable news for any auto shopper. But you can easily improve it by following these helpful steps:

  • Monitor your score.
    • Pay close attention to your credit report in the months preceding your vehicle financing.
  • Scan for red-flag items on your report. Try to fix them.
  • Make on-time payments.
  • Every time you don't make a bill payment, your credit ranking gets a negative hit. By avoiding it, you can fix your credit score.
  • Use calendars to schedule bill payments.
  • Keep away from credit card balance transfer.
  • Be extra careful while managing your card balance if you've bad credit.
  • If possible, clear your existing debt before you apply for an auto loan or lease.
  • Track your report and correct errors.
    • Register for free reports from major credit bureaus: Experian, Equifax, and TransUnion. Free Credit Report
  • Be sure to file disputes if you find any.
  • Make sure your report looks squeaky clean.
  • Don't apply for other credit.
    • Multiple credit card applications may negatively impact your score and lower it. Avoid these types of actions if you're building a less than desirable credit ranking.

Memphis Vehicle Financing at Acura of Memphis

Car and truck shopping is an exciting journey that involves several steps in order to be successful. For the most ideal financing experience, handle your less than desirable credit first. A higher score will help you to get a better car or truck financing offer with more wiggle room for negotiation. Increasing your credit score cannot happen overnight; so, give yourself ample time and track your credit for several months prior to moving forward with buying a new automobile .

  Car and Truck Finance Credit Repair | Acura of Memphis

Call Us

Acura of Memphis

Ridgeway @ 385
Directions Memphis, TN 38119

  • Sales: (901) 630-4664
  • Service: (901) 630-4668
  • Parts: (901) 630-4666


  • Monday 9:00am-8:00pm
  • Tuesday 9:00am-8:00pm
  • Wednesday 9:00am-8:00pm
  • Thursday 9:00am-8:00pm
  • Friday 9:00am-8:00pm
  • Saturday 9:00am-7:00pm
  • Sunday Closed

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