Genesis financing may seem overwhelming. After all, there are many factors to consider, like the interest rate, down payment, and length of your term. One of the most important factors to account for is your credit score, and the higher your score, the more favorable your terms will be. Genesis of North East Jacksonville is here to help you along the vehicle financing process, starting with top tips for raising your credit.
Pay Down Your Debt
Several factors influence your credit score, but one of the most impactful is your credit usage. You typically want to keep your usage below 30% of your available credit. If you can pay down some of your debt, you’ll be able to raise your credit score significantly before submitting your vehicle finance application.
Pay Your Bills on Time
It’s also very important to pay your bills on time, as even one late bill can significantly impact your credit score. If you won’t be able to pay the full amount, consider reaching out to your lender. You may be able to set up a repayment system that won’t negatively impact your credit score.
Increase Your Credit Limit
One way to reduce your credit usage without paying down your debt is by increasing your limit. You can submit a request to your lender to extend your line of credit, and they’ll determine how much more credit you are eligible for. The important thing to remember is that you don’t want to use any more of this credit than you are already using.
Begin Genesis Vehicle Financing in Jacksonville, FL
For all your financing questions, make Genesis of North East Jacksonville your first stop. We’re sharing everything you need to know about raising your credit score, and other essential financing terms and influences. Get started with a finance application at our dealership today!
