Of all the consumer products available to us, a new car is one of the most desired. The excitement that surrounds the purchase of a new car can’t be matched by the purchase of a refrigerator, washing machine, or living room rug. Vehicles are exciting, dynamic products. They are also expensive products, and that is a factor that makes them both enticing and challenging to buy. With the average transaction price for a new vehicle well over $30,000, a new car is a goal that not everyone can attain.
The good news is you don’t have to have $30,000 saved up to buy a new vehicle. Instead, most of us can obtain a loan that will bridge the gap between what we can spare from our bank accounts and the price of that bright, shiny vision of glass and chrome. The reality is that not all car loans are created equal. Instead, the car loan you get is based in large part on the information that is buried in your credit score.