Let's Talk Credit

So, I’ve talked about this before. Credit has always been a battle, personally. It started in college, credit card and store cards where being offered to me like candy. My parents warned me about them but as a broke college student, “free money” that I would only need to pay back monthly (in a little minimum payments) seemed like a dream to me. I had no clue about APR rates, how paying the minimum payment does nothing to help or monthly fees add to the bill. Let’s also add in that I did not have job over than being a student. All I saw was clothes, food and other frivolous things I can’t even remember getting.

My credit really took a hit. This is what always prevented me from getting a car, I thought it was best to just let my father handle these things. When speaking with William Parks at SVG, he told me to not let my credit score/history scare me into not buying a car.  Lets get into some Myths VS Facts.

Myths

1. You have to have perfect credit to purchase
2. Having your credit checked by multiple lenders lowers your credit score
3. You can’t get an auto loan with bad credit

Facts

1. You do not have to have perfect credit to purchase a car.
2. Buying a car even with bad credit is one of the fastest to repair credit.  On time payments for a year or more can help you see significant growth
3. Truth in lending laws protect you and the dealership.  The Dealership has 0 to do with the interest rate you receive.  And if you get a high interest rate it will be the same interest rate at a different lot. The banks legally can't charge you more at one place than another.