Tuesday, July 10, 2007

My FICO Score saved me money

When I was buying my 2007 Corolla, they ran a credit check and I was able to get a good auto loan rate.

The credit scores range from 300 to 850. This score lets lenders see how you compare to others. The higher your score, the more likely you'll get a better rate on your auto loan. Click here to see a graph showing where most people rank with their FICO score. Only 13% are at the top.

We should all handle credit wisely. A good credit score can mean hundreds and even thousands of dollars saved via lower loan rates. See here for how a higher FICO score saves you money.

1 comment:

Ju said...

Awesome post!

If you move forward to buy a car, here is a tip:

When buying anew car you should bring a piece of paper to the dealership and make sure you do all the math of the finance calculations yourself. The point is not that they will do the math wrong. The point is you will see exactly how the deal is structured. Do not be afraid to take the time to do this or look like a fool.

Here are five other steps that may save you thousands if you follow them next time you buy a car: