How Credit Scores Affect Car Loan Rates: Tips to Save on Your Auto Loan
Today, we're breaking down how your credit score impacts car loan rates and why even a small score boost can mean big savings. Join us as we follow Andy, a young car buyer aiming to improve his credit and score a better rate on his dream car.
In this video, you’ll learn:
✔️ Why credit scores matter when applying for a car loan
✔️ How improving your credit utilization ratio can raise your score
✔️ Tips for reducing car loan interest rates, even if your credit isn’t perfect
Whether you're shopping for a new car or want to improve your financial health, we're here to help!
Chapters
0:00 - Intro to Car Loan Rates
0:20 - Meet Andy and His Car Loan Goals
0:45 - How Credit Scores Impact Loan Rates
1:30 - The Cost of High vs. Low Interest Rates
2:00 - The Role of Credit Utilization in Credit Scores
2:45 - Andy’s Credit Score Boost Plan
3:30 - Example Savings from Improved Credit Score
4:00 - Other Factors Influencing Car Loan Rates
5:00 - First Alliance CU Support
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