Special Credit Financing near Ashland AL

Special Credit Financing

Are you in a unique credit situation and need a vehicle? You can feel at ease, knowing that Bill Penney Mitsubishi offers various special credit financing options near Ashland, AL. So, you can get into your dream set of wheels without worry!

In this article, we’ll explain how you can get behind the wheel of your desired ride through special credit financing, what impacts your credit score, how to increase it, and more!

Financing Your Vehicle With Us

Special Credit Financing When you need special credit financing, you’ll want to visit our finance center to talk to one of our experts. You’ll be able to explain your situation and needs to them. Then, they can assist you with a car loan that fits comfortably into your lifestyle.

They’ll work with you to apply for financing, if you haven’t already. This will allow them to see what options you qualify for and present them to you in a way that’s easy to understand. What’s more, they have a long list of lenders they can contact for help with locking in an interest rate for you.

Once you make your down payment, if applicable, and sign the required paperwork, you’ll be ready to hit the Ashland, AL, streets in your new ride!

What Factors Impact My Credit Score?

Having a credit history is important, especially when it comes to obtaining a car loan, a home loan, and so on. With that in mind, it’s also important to know what factors impact your credit score. Here are some of the most common ones:

  • Payment history: Your payment history makes up a little over 30 percent of your score. If you miss one or more payments, it can bring down your score. However, paying at least your minimum monthly balance, if not more, should help to bring your credit score back up.
  • Credit usage: This is the measurement of how much of your total credit limit you’re using. Ideally, you want to keep this under 30 percent.
  • Hard inquiries: A hard inquiry occurs when you apply for a new line of credit. Too many of these can impact your score negatively.
  • Credit mix: These are the types of accounts you have, which can be car loans, student loans, a mortgage, etc.

Next, we’ll talk more about how you can rebuild your credit score, if it’s low!

How Can I Rebuild My Credit?

Special Credit Financing Rebuilding your credit may seem like a daunting task; however, it’s pretty simple and straightforward.

One of the first things you’ll want to do is read through your credit report to see if there are any mistakes. If you find one, call your credit institution right away to dispute it. While it may take some time, once the mistakes are wiped off your report, that will help your score increase!

If you’re able, we recommend paying more than your minimum monthly payment each month. Doing this can lower the monthly payment over time and see you pay less interest. Ideally, you want to keep your credit usage to under 30 percent.

As far as hard inquiries go, you’ll want to limit those as much as you can. These will stay on your credit report for up to two years.

I’m Looking for Special Credit Financing near Ashland AL

Regardless of your credit situation, Bill Penney Mitsubishi is happy to help you with special credit financing near Ashland, Alabama, if you need it. Contact our dealership today to learn more and/or to get started!


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