Welcome to Minnesota Auto Finance
Thank you for choosing Minnesota Auto Finance, where we work hard to secure you financing, no matter your credit score or down payment amount. Among the nation, Minnesota enjoys some of the highest average credit scores. However, that doesn’t mean it’s easy, painless, or convenient to get approved to finance a car–unless you work with us, that is!
There are three primary steps to our process. First is application. You submit this online application, which goes into our placement platform. There, lenders and dealers compete to fund your loan. We place your application with the company who wants it most.
Next, a finance specialist–typically local to your area–contacts you to arrange the details of your finance package. Here is where you discuss aspects such as credit scores, interest rates, down payment requirements, and the like.
Lastly, an appointment is scheduled for your to select your car from a local dealer lot. This is a much more streamlined and stress-free experience than walking onto the dealership unannounced.
Credit Score and Interest Rate
A lower interest rate will equate to lower payments, as well as less interest paid in total. Your interest rate, as you probably know, will be based upon your credit score. That’s why it’s very important to check your score.
It also allows you to:
- See what creditors see when assessing your credit history.
- Determine what APR rate to expect.
- Check your score to avoid problems down the road.
When you apply through us, we show you the best way to check your score. But more than that, we show you what interest rate (APR) you can expect, based off of that score. Few of our competitors go to this length to supply their clients with the knowledge they need to get the best deal.
If your credit isn’t perfect–and whose is?–you’re probably interested in rebuilding it. Paying off an auto loan as agreed can help. That’s because more than one-third of your credit score is based off of your payment history. A car loan is a large financial responsibility that requires 36-84 months of payments. In that amount of time, if you always pay your bills on time, you can significantly boost your credit score.
The amount you can increase your score, points-wise, is very difficult to say. It depends on too many factors. Typically, the worse your score to begin with, the more quickly you can improve it.