How We Can Rebuild Your Credit Score
There are many circumstances that can lead to a dip in your credit score – the important thing is to pick yourself up, dust yourself off, and take the necessary steps to rebuild your score to its previous glory. Select iCar is proud to have a specialized credit team that works hard to get you approved, even if your credit score is less than stellar
Taking on more debt may seem counterintuitive, but financing a vehicle is a great way to rebuild your credit. The point is to show your lenders that you are able to submit your monthly payments in full and on-time, and are therefore responsible with your debt.
A common misconception is that dealerships “shop around” your credit score to potential lenders and this will cause your credit score to go even lower. Not true! Although our team submits your application to multiple, potential lenders, credit scoring systems understand that you will be taking out only one loan for your car (what causes damage is having multiple lenders assess your credit score for multiple loans).
Additionally, and most importantly, our sales associates will only show you vehicles and rates you can afford. Financing a vehicle will only give your credit the boost it needs if you can make your minimum monthly payments in full and on-time, so there’s no point in taking on more unmanageable debt! Luckily, our used vehicles are at a great price point for all credit scores.
Ready to get approved and rebuild your credit? Start the process by filling out our credit application and we’ll be in touch!