Financing a new or pre-owned Acura car is an exciting step, but to get there, it is first important to understand some Acura financing basics. So, if you’re asking questions like, “What is a well-qualified buyer?” the Acura of Sherman Oaks finance experts are happy to help. Our team is committed to helping you secure the best terms and demystify the Acura financing process.
Start With Your Credit Score
Your credit is the most important factor determining your Acura financing qualification status. Automotive lenders use credit scores, typically from agencies like FICO or VantageScore, to assess your creditworthiness or history of borrowing and repaying debt. Like most lenders, Acura Financial Services typically considers a well-qualified buyer someone with a credit score of 720 or higher, since this range indicates strong credit management. However, that’s a guideline, not a set-in-stone number, and other factors will determine your creditworthiness.
Other Factors
What other factors will a lender or lessor consider once you’ve completed an application? Besides your credit score, other factors that lenders consider include:
- Debt-to-Income Ratio: Measures your monthly debt obligations compared to your gross monthly income. A lower debt-to-income ratio demonstrates your ability to manage loan payments.
- Payment History: A consistent record of on-time payments on past and current loans is essential. Any history of late payments or defaults will negatively impact your application.
- Length of Credit History: Buyers with a longer credit history, showing responsible credit usage over time, are generally viewed favorably.
Start Your Acura Financing Journey at Acura of Sherman Oaks
Whether you’re a well-qualified buyer or just starting your credit journey, Acura of Sherman Oaks is your source for Acura financing. Our finance professionals help buyers with a wide variety of credit backgrounds. Visit us today or apply online to start your Acura financing journey!
