If you think you might have a bad credit score in Billings, you may be concerned about getting a good auto loan.
At Denny Menholt Billings Nissan, you don't have to worry about that. We offer Billings auto loans for all credit situations!
Still, that doesn't mean you should ignore your credit score. In fact, you should be armed with as much information as possible so you can continue to improve your credit.
The three main credit reporting agencies (Experian, Equifax, and TransUnion) use FICO scores to help determine the credit report they pull for you. While each report will be slightly different, they all use similar criteria.
Here are the five main factors that affect your Billings credit score (starting with the most important).
The biggest factor determining your credit score in Billings is your payment history. Car loan lenders in Billings want to know whether you've been responsible with repaying your previous loans — and whether you can be trusted to do the same in the future.
Here are some payment history elements that FICO takes into account:
The next biggest component that makes up your credit score is how much you owe on various accounts and loans.
Important factors for amounts owed include:
The third factor in determining your credit score Billings is how long you've been using credit. While a longer credit history is beneficial (if it's clean), a shorter history is fine too, as long as you're proving responsible payment habits.
FICO scores take a look at the following factors in this area:
The next element FICO scores consider is the different types of credit you're using as well as how many total accounts you have. While having a variety of accounts (with on-time payments) can help if you don't have a long credit history, you should never open unnecessary accounts just to have a good credit mix.
Here are some examples of credit accounts you could have:
Finally, your credit report will factor in what your recent credit history looks like. If you've opened too many accounts lately, you could represent greater risk — but don't stress about it, because this factor is one of the least important in determining your Billings credit score.
FICO scores consider the following factors when looking at your new credit history:
If you're shopping for cars for sale in Billings, you want to get the best auto financing possible.
Now that you know the five factors that determine your credit score, you're ready to consult with a lender. Contact our finance department to learn more about our loan options!
Plus, right now we're offering some amazing specials on new Nissans in Billings. No matter what your credit looks like, you could be driving a brand-new Nissan with a full factory warranty, backed by a full service department — all for a super-low monthly payment!
Here are a few of our favorite special offers:
All credit applications are accepted at Denny Menholt Billings Nissan. And here, if you have a job, you have credit!
*2015 Versa S Plus. Model #11125. Vin #3N1CN7AP7FL916689. Stock #A6290. MSRP $15,185. Selling price $9,935. Includes all factory rebates to dealer. $1,987 down payment. Plus tax, title, and license. $130.41 a month. 72 months at 4.69% APR. $15.96 per $1,000 financed. With qualified credit. Subject to vehicle insurance and availability. Expires 8/1/16.
**2015 Sentra SR. Model #12215. Vin #3N1AB7AP6FY283329. Stock #A6368. MSRP $20,915. Selling price $13,415. Includes all factory rebates to dealer. $2,683 down payment. Plux tax, title, and license. $174.99 a month. 72 months at 4.69% APR. $15.96 per $1,000 financed. With qualified credit. Subject to vehicle insurance and availability. Expires 8/1/16.