Before you apply for Nissan financing, it helps to know exactly how it will impact your credit. Drivers looking for an auto loan don’t always know the steps for and credit impact of auto financing. That’s why Bedford Nissan walks you through every step of the process, including your loan or lease’s credit impact.
Does Nissan Financing Hurt My Credit Score?
When you apply for auto financing, the financial institution must check your credit report to verify your financial standing and ensure you’re not a financial risk. Once this is done, they’ll devise a Nissan financing plan tailored to your situation.
As a part of this check, you will likely experience a slight reduction in your credit score. Credit bureaus will notice that a financial institution has checked your accounts and will adjust your score accordingly. However, this is a minor and temporary effect that is easily overcome.
How to Improve Your Credit Score
There are several ways to boost your credit score after this temporary reduction. First, ensure that you make timely payments to your new auto loan. This proves that you’re responsible for your new loan and will more than offset the deficit.
You’ll also want to keep on top of your other financial responsibilities. Keeping credit card payments low and managing other loans or debt shows lenders you’re responsible. This will steadily improve your credit score over time.
Explore Nissan Financing Options at Bedford Nissan
Another thing to remember: pre-qualifying for a loan rather than applying has no credit impact, which comes in handy when comparing quotes from multiple sources. However, our dealership can help you if you’re ready to secure an auto loan. Visit Bedford Nissan today for a Nissan lease or loan, or test-drive a Nissan vehicle.
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