What Are the Three C’s of Credit for New Car Financing?

February 7th, 2020 by

Are you planning on buying a new Toyota near Carrollton, GA this year? With lots of great new 2020 Toyota models in stock, our Toyota finance specialists are more than ready to help you turn your car-buying goals into a reality. Learn more about the three C’s of credit when you stop by our car dealership near Carrollton, GA.

At the end of the day, your lender wants to feel secure in knowing that you can and will repay your car loan. Here are three things that determine your credit score and are what lenders look at as they evaluate your loan application.


No, this doesn’t mean your lender is trying to label you as a good or bad person. It just means they want to see what your history of debt repayment is like. Have you paid your prior and existing debts on time? Have you opened an excessive amount of credit accounts?


This is where your potential lender will compare your monthly income to your current expenses. Rent or a mortgage, student loan payments, credit card debt, and any dependents impact your ability to repay new debts reliably. The bank wants to see that you’re earning enough in relation to your current obligations to be able to take on another payment.


This is where it helps to have a little extra to put towards the down payment of your new car. Aside from cash on hand, a lender will take a look at other potential assets that could be used as collateral if you can no longer repay your debt.

Visit Our Toyota Dealership near Carrollton, GA

Toyota of Newnan near Carrollton, GA has friendly experts who are here to guide you every step of the way, so don’t hesitate to give us a call or stop by. While you’re here, check out one of our new Toyota models as well!

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