Motor Inn of Carroll Answers Your Questions About Credit Scores | Carroll, IAMotor Inn of Carroll Answers Your Questions About Credit Scores | Carroll, IA

How is my credit score calculated?

Your credit score is a combination of six different elements: how consistent you’ve been with paying bills and loans, your current amount of debt, how responsible you are at using the credit you have, how long you’ve been building your credit, how new your latest credit accounts are, and if you have a variety of credit accounts from different sources.

How does my credit score impact my car purchase or lease?

In addition to factors like your current monthly income and your down payment, your credit score is taken into consideration when the lender is determining the terms and interest rate of your car loan or lease. The better your score is, the better the rate you’ll be given.

Will Motor Inn of Carroll turn be away if I have bad credit?

We at Motor Inn of Carroll want to help all drivers in our neighborhood of northwest Iowa get the transportation they need — even if they’ve been turned away from other dealerships. Even if you’re young and haven’t developed a lengthy credit history or need to improve your score, we’ll still work with you to find an arrangement that you can afford.

How can I improve my credit score?

Raising your credit score to a higher number can’t be done overnight; it takes time and patience to achieve. Knowing that, you can start setting good habits now that will gradually improve your credit score. Make sure you always pay your bills on time, use less than 30 percent of your credit card limit every month, keep old bank accounts and credit cards active, and monitor your credit reports closely.

Regardless of your credit score, Motor Inn of Carroll wants to help you find your next sedan, truck, or SUV. Save time by filling out a finance application for pre-approval to start the process before you arrive.

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