A Look at Key Chevrolet Credit Requirements

Are you thinking about submitting a Chevrolet credit application to our Chevy finance center? If so, you should familiarize yourself with Chevrolet credit requirements to increase the chances that your application will be approved. Being knowledgeable about those requirements allows you to work on things that need improvement before you visit Gillman Chevrolet GMC to shop for a new Chevy model.

Credit Score

Various credit bureaus use information contained in your credit report to determine your credit score. Depending on the model used, a credit score often ranges from 350 - 850. The higher your score is, the more creditworthy lenders will view you. Lenders typically reward people with higher credit scores with more favorable loan terms, such as a lower interest rate.

Many credit reporting agencies categorize consumers based on their credit scores. Here are the categories that drivers normally land in:

• Prime: credit scores of 680 or higher
• Near Prime: credit scores equal to or between 620 - 679
• Subprime: credit scores less than 620

Drivers who land in the near prime and subprime categories often express concern when they contact our San Benito, TX Chevy dealership. There's no reason to fret, however, because the Chevy team often extends financing offers to people with less than stellar credit. That's because the Chevy team recognizes loan applicants are more than their credit scores and understands that people with all sorts of credit scores need an automobile.

Debt-to-Income Ratio

Your debt-to-income ratio is a key metric that lenders will consider when you apply for a car loan. In general, a debt-to-income ratio that's between 36 - 49 percent is adequate while a DTI of 35 percent or less is considered favorable.

Documentation

As much as you may want to purchase a new Chevy vehicle from our location, you might have to provide some documentation when you apply for an auto loan regardless of your credit score. Proof of income is a common requirement as is proof of where you live. You may have to provide personal references too.

If your credit is poor, you may have to recruit a cosigner before your loan application is approved. It's also likely that you'll have to provide a sizeable down payment up front.

Submit a Chevrolet Credit Application in San Benito, TX

No matter what your credit score might be, we'll help you meet all our Chevrolet credit requirements and secure an auto loan. Look through our Chevrolet financing offers now. When you're done, visit our Chevy finance center to talk to our resident experts.