Rebuilding Your Credit with Best Buy Imports

Why Do You Need to Rebuild Your Credit Score?

So, just how important is having a good credit score? Although some people are barely concerned about their credit score, it is important to know that the score will affect most of their economic decisions. In an economic slump, for instance, many people rely on loans to finance different aspects of their life. To have access to affordable loans, however, you will need to have a good credit score.

The first thing you should do is find out what your credit score is. Everyone is entitled  to a free credit report once a year from each of the three main credit reporting companies – Equifax, Experian, and TransUnion.


Why You Need A Good Credit Score

A good credit score is important when getting or refinancing a mortgage. Are you planning to get a new home mortgage or refinance the one you have? Either way, you need to know that your credit score will play a critical role in the process. Purchasing a home is one of the greatest investments you can make and you should be well prepared for the entire process. Taking out a mortgage can be a good experience but without proper preparations, the process might turn out to be a complex and stressful endeavor. You do not need to take a mortgage with a high-interest rate; you can take a few steps to help you negotiate for an affordable rate. You can make the entire exercise of taking out a mortgage less stressful by first rebuilding your credit rating. To build your credit score, you need to demonstrate that you can take out loans and repay them on time without defaulting. The best and easy way to build your credit and to get lower interest rates on your mortgage is through auto financing from Best Buy Imports. By making timely payments you will begin to improve your credit score, putting you in a better position to negotiate better interest rates on future loans.

A good credit score can also help you when you need future car loans. Vehicles are a common purchase and the majority of people need to buy them with car loans. Since vehicle loans are for much smaller amounts as compared to mortgages, you can get them even with low credit score. Generally, if you need to buy a car with a low credit score, you are likely to have a high-interest rate and  banks and financing companies might require a larger down payment from you. You can avoid all of that if you get a car loan from a used car dealership like Best Buy Imports. By using our affordable financing options, including our Buy Here Pay Here program, you will be able to purchase a quality used car, truck or SUV and start rebuilding your credit score at the same time.

A good credit score can also help you qualify for business loan. If you are an entrepreneur, you understand that loans are an important source of finance for expanding the operations of your business. Financial institutions, however, will be reluctant to approve your application for a business loan if they find out you have a poor credit rating, hence the need to rebuild your credit. If you are planning to start a business, you may need an initial loan and, like any other loan, this requires being approved by a lender. Lenders will always look at various factors like previous loan repayment history, your reliability, and your current financial status. You should consider purchasing a car on credit, even an inexpensive model, to help build your credit and loan repayment history before seeking a business loan from the conventional financial institutions. At Best Buy Imports, we will help you get started building your credit score by giving you access to an affordable auto loan. This will help you qualify for business loans from the conventional bank loans down the road.

A good credit score allows you to negotiate for lower interest rates. Who doesn't want to get even a slightly lower interest rate for a loan? Loans can be expensive, especially when the interest rate is high. High-interest rates often result from the lender considering a client that is somewhat risky. If you have a low credit score, lenders who might be willing to take a chance on you will surely require higher interest rates for your loans. This will make your loans more expensive, which could lead to loan default and even lowering your credit scores. But if you can rebuild your credit score you will be more attractive to conventional lenders, and this should allow you to negotiate for lower interest rates on loans. At best Buy Imports, we are determined to help our customers start rebuilding their credit scores by get an affordable car loan right now.

Good credit scores can also help you secure a job. Unlike in the past when employers did not dig deeply into their employees' financial status, many of the today’s employers conduct extensive credit checks on potential employees. For many employers, especially those in the financial sector and government agencies, conducting a credit check is important to establish a candidate's ability to manage finances. You, therefore, should not hesitate to build your credit score by taking up an auto loan with us. Not building your credit score could negatively affect your chances of securing that job you are seeking.


How Can You Rebuild Your Credit with Best Buy Imports?

Rebuilding your credit score is important and you need to give it the priority it deserves. Although very few people know that they can use auto loans to rebuild their credit, the strategy has been tested and proven as a reliable way of making sure your credit score is improved. A low credit score makes it difficult for any person to get a credit card or loan from regular financial institutions. At Best Buy Imports, we offer affordable auto loans that can be the cornerstone in rebuilding the credit of those with low credit score ratings.


We Can Help Rebuild A Client's Credit

At Best Buy Imports, we know that up to 35-percent of your credit score is based on your history of repayment, and 10-percent of the credit score is based on a diverse payment history. So even though your credit history hasn’t been good, getting a new car loan and making regular, on-time payments will go a long way toward increasing your chances of getting approvals for future loans

Auto financing from Best Buy Imports helps you to keep your spending in check. When conducting a background checks on those applying for credit services, the credit bureaus often review your spending habits. By taking an auto loan with us, you would show that you used the loan productively by purchasing an asset, and this helps you create a perception of good credit management practices. Since an auto loan is not a form of a 'revolving' credit, you would be building your credit without the need of spending your cash in a manner that does not favor your financial health.

We offer flexible auto loan repayment plans that enable our customers to choose monthly installment payments they can afford and maintain. Providing affordable payment options to our customers puts you on the road to improving your credit history and score. By repaying your auto loan on time every month will show that you can be trusted to repay additional loans in full and on time.

Auto financing is available to you on a short-term basis with lower interest rates as compared to other higher interest loans. Building your credit score quickly requires you to make transactions within the shortest time possible. When compared to higher interest loans such as mortgages and conventional bank loans, auto loans are a quicker way through which you can improve your credit score. But whatever auto financing plan you get must be affordable, including all your other monthly expenses.

At Best Buy Imports, we acknowledge that auto loans are a relatively inexpensive way of helping clients rebuild their credit score. When it comes to building a credit score, it is important for any person to look for a method that is simple and less stressful. If you currently own a car or truck and want to build your credit score, the least expensive way is by using hat vehicle as a down payment for a new auto loan and repaying it on time. At Best Buy Imports, we encourage our clients to use auto loans to rebuild their credit score because it can be done without involving the credit bureau ratings.


Why Choose Best Buy Imports for Your Auto Loan?

We have been helping customers with all credit ratings get a pre-owned vehicle with financing they can afford for over a decade. And by making their payments on time they have been able to improve their credit histories and scores. Best Buy Imports is a used car dealership that also provides auto financing to customers with poor credit scores through our Buy Here Pay Here program.

You won’t have to worry about the embarrassment of being turned down for a loan, or the frustration of walking away from a dealership empty handed, without knowing how you’ll secure your next vehicle. Best of all, Best Buy Imports offers the best selection of used vehicles in Philadelphia and the surrounding region, so you can select from our wide inventory of both domestic and foreign cars, trucks, and SUVs. You can come to us for your next vehicle and find the car of your dreams while working with our financial team to get financing that works for you, without your credit history haunting you. Just bring in your down payment, or your trade-in, with proof of residence and a pay stub and you can be driving home in a new car today.

You can speed up the process by submitting an on-line loan application. It will be processed within the shortest time possible, with guaranteed approval. And our vehicle inventory is available on line 24/7, or just stop in to one of our two convenient Frankford Avenue locations.