Cocoa Hyundai Credit Disclosure

1. Know your credit worthiness -- it may affect your cost of credit

Creditors generally use the same kinds of objective measures of creditworthiness. The better your credit report and score, the lower the interest rate you may obtain.

  • Most creditors emphasize your credit payment history as shown in a credit report and credit score from a credit bureau, such as Experian (888-397-3742 or www.experian.com ), Equifax (800-685-1111 or www.credit.equifax.com ) or TransUnion (800-888-4213 or www.transunion.com ).
  • Your credit report shows credit information about your existing and past debt, the outstanding amounts, monthly payment amount, and whether you have paid on time, or if you have not repaid debts.
  • Your credit report does not include information unrelated to your credit, such as your race, ethnicity, religion, or medical history.
  • Your credit score is a numerical value assigned to information in your credit report.
  • Your credit score can vary by bureau, because not all creditors report to all three credit bureaus.
  • You should obtain a copy and read your credit report before you apply for credit.
  • You may be entitled to an annual free credit report. Go to www.annualcreditreport.com  to order your copy from each of the credit bureaus.
  • You may be entitled to a free credit report under other circumstances. (For more information, go to the FTC website at www.ftc.gov .)
  • You may also purchase your credit score for a reasonable fee.
  • If your credit report contains errors, you have the right to get them corrected free of charge by the credit bureau.
  • You may be turned down for credit or pay a higher interest rate if your credit report reflects negative information such as a repossession, bankruptcy or history of slow payments.

    2. Improving your credit worthiness

    Take an active role to manage your credit score as you would any financial matter. Your credit score can be improved by developing long-term habits that include:

  • Pay your bills on time, every time. Credit scoring models reward prompt payments.
  • Don’t apply for credit you don’t need. Scoring systems often view numerous loan applications or unused lines of credit as signs that you are overextended or could become overextended.
  • Make sure your credit report is accurate. Check your credit report at least once a year and have any errors corrected immediately.
  • Contact the credit bureaus for more ideas on ways to improve your creditworthiness.

    3. Consider other factors that may determine your cost of credit

  • If the vehicle you are purchasing secures your loan or retail installment contract, your cost of credit may vary based on the amount financed, the amount of your down payment, whether the vehicle is new or used, and the vehicle model.
  • Your income, down payment and debt to income ratio may also affect the interest rate you obtain.
  • The total number of payments (term), such as 48 months or 60 months, may also affect your cost of credit. Lower interest rates may be available for shorter repayment periods.
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