Understanding Your Credit Score
Your credit score is designed to help financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it's meant to forecast how (and if) you will pay your bills. The higher your score, the greater your chance of receiving a better financing offer from Finch Chevrolet.
You can contact either of the major credit reporting agencies below to get more specific information regarding your credit score. Each agency can provide you with a copy of your report, including your credit score.
How Your Credit Score is Calculated
Your score is a number that ranges from about 350 to 850.
In general, the higher the number, the lower the risk. However, the systems that generate your score take into account several factors from your credit report, and each has a varying degree of importance. Some examples include:
- The timeliness of your payments, including late payments.
- The amount and type of debt you have.
- The number and age of your accounts.
- Inquiries created by applying for credit.
- Public records such as liens and judgments.
How can I find out more about my credit history?
You can contact either of the major credit reporting agencies below to get more specific information regarding your credit score. Each agency can provide you with a copy of your credit report, including your credit score.
What factors impact monthly payment
Down payment, the amount financed, term (length of contract), and the annual percentage rate (the yearly cost of a loan) all affect the monthly payment.
What documents should I bring?
All buyers should bring a valid government-issued drivers license, a current pay stub, and a void cheque. Because different financing companies may require additional documentation, you will want to contact a Sales Consultant for a complete list of what you'll need to buy a car from Finch Chevrolet.
If you also intend to sell a vehicle to Finch Chevrolet, please contact a Sales Consultant for a complete list of what you'll need.
I have had past credit problems, what can I do?
Our Auto Finance Specialists work hard for our customers in order to accommodate most credit profiles. Even with past problems, you will still get the credit you need, the car you want, and the respect you expect and deserve as a Finch Chevrolet customer.
How much should I budget for my car payment?
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment. For example, if you make $2,000 a month you should spend no more than $300 on your car payment.
You can apply for financing on our website by filling out our quick, simple and secure Credit Application form. You can access our credit application form by clicking the "Apply for Financing" button located on every page of our site.