A good credit score can take you far when purchasing a new vehicle. It’s no secret the Mercedes-Benz financial department requires you to have a certain level of credit before offering you a loan, so if you’re looking to secure a Mercedes-Benz vehicle for yourself then you may find this post helpful. Here are three credit-raising tips that can help you secure your next ride.
Pay Down Balances
A major contributing factor in the determination of your credit score is the number of outstanding balances on your account. Any number of outstanding balances will reduce your overall credit score, but this reduction only lasts for as long as the balances remain. Once paid off, your score should rise almost immediately.
Limit Credit Applications
When applying for another line of credit, loan officers will often perform a “hard check” on your credit. These checks, while necessary, will slightly reduce your credit score when done. If you are intending to apply for a large loan, it is a good idea to limit the number of other credit applications you submit to keep these slight reductions from adding up.
Report Bill Payments
If you always get your bills paid on time, then reporting these regular payments to credit agencies can slowly build up your credit score. This method is more of a long-term effort, but as long as you continue paying bills on time you don’t have to actively think about it. Reporting rent and bill payments can also build a strong credit history, which is another factor finance officers will look at when considering your application.
Learn More at Mercedes-Benz of Orange Park in Jacksonville, FL
By following these three tips, you should be behind the wheel of your new Mercedes-Benz vehicle in no time at all. To learn more about what you can do to secure your next vehicle, reach out to the Mercedes-Benz of Orange Park today for more financial advice!
