Understanding Credit Scores in BC

May 25,2022

Are you looking to buy a car? You’ve come to the right place! With Skaha Ford’s Easy Deal program in BC, we aim to simplify the auto financing process by providing our customers with online vehicle shopping and credit approvals. We also break down common car loan terms to explain complicated jargon that can confuse first-time buyers. From start to finish, we’ve got you covered.

What is a Credit Score?

Your credit score plays an essential role in your ability to meet your financial goals, like getting approved for an auto loan. This three-digit number is generated from the information in your credit report and can range from 300 to 900 – with 900 being excellent. 

Your credit score shows lenders how well you manage your credit and how risky it may be to loan you money. Creditors often set guidelines on the minimum score required to borrow money. If you have a higher credit score, your chances of getting a lower interest rate are very good. However, if you have no credit history or a low score, it may be more challenging to get approved for a loan with the terms and interest rate that you want.

As Skaha Ford, we strive to get our customers the best auto financing rates in BC. To see how much you might be approved for, complete our online credit application, then click here to take advantage of our Easy Deal program.

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