Credit is essential for borrowing money. Your credit worthiness is rated by the three credit reporting agencies and FICO. The scores represent the likelihood that a person will repay their loans, and it's determined by a person's borrowing history and other variables. Below are answers to frequently asked questions about credit, credit reports and credit scores. If you have additional questions, don't hesitate to contact our Finance Department.

I have bad credit, what should I do?

If you have less than perfect credit, don't fret; you're not alone. Millions suffer from bad credit because of a variety of reasons. To improve your credit, start by getting reports from all three reporting agencies. This will shed light on what exactly is impairing your credit. Credit reports may contain inaccuracies that you can correct to help get your credit back on track. Paying down high balances and paying on time will go a long way to improving your credit.

What is a credit score?

A credit score represents your creditworthiness and it's used by lenders to gauge whether a person will make payments on time. Scores are largely based on your borrowing history. The most common type of credit score available to consumers is the FICO score, which ranges from 300-850. Typically, a good credit score is above 700, anything below 620 is considered a poor score, or "sub-prime.". The higher the credit score, the more likely you'll be able obtain credit and/or secure a lower interest rate.

Refinance or Payment Deferral

Currently a lot of people are in need of a restructured vehicle loan and we would love to be the ones to help you through this time.  Below are some of the options that are available to you.

• Keep the current vehicle/payment.
• Defer payments on the current car loan (this is done in partnership with the bank but we can help point you in the right direction).
• Refinance vehicle loan to take advantage of the low rates available, hopefully, lower your payment, defer current payments.
• Honda Finance currently has 3 months of deferred payments on new vehicles.  Pre-Owned vehicles may be deferred up to 6 months.
• Purchase your vehicle outright.

NO PURCHASE NECESSARY.  We can do this with any make or model.  Whichever option is best for you we will work with to make sure you make the right choice for your budget.  Please fill out the form and we will reach out as soon as we can.