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Owning a vehicle shouldn’t be just a privilege. Here in Ohio, car ownership is a critical part of daily life, from completing your commute to running errands. For most people, owning at least one vehicle isn’t optional, it’s a requirement.

At Paul Sherry, we’re proud to offer a range of financing options for buyers. We’ll work with you to find the right loan or financing option, and help you get a vehicle of your very own so you can get off the bus and back in control.

Not sure you have the credit score you need to buy a vehicle in Ohio? We can help. First, let’s cover the basics.

What Are Credit Scores And How Do They Work?

Credit scores are a metric used to determine how responsible someone is with money, and how likely they are to be able to pay back a loan after they take one out.

There are several different credit reporting agencies, and your credit score can be a little different with each of them. Most of the time, however, you should have a similar score across the board.

Credit scores are a combination of several different factors, like your payment history, number of accounts with credit access, percentage of your existing credit used, and whether you’ve been applying for loans recently, along with other factors.

Credit scores range from 300-850 or 900. The average credit score in the United States is about 680.

What Credit Score Do You Need To Buy A Vehicle?

In Ohio, and throughout the United States, the better your credit score the more likely you are to be approved for a car loan, and the larger the car loan you can reasonably expect.

However, that doesn’t mean that you need to have a 680 or higher credit score to get a vehicle.

In fact, people with almost any credit score can be approved for a loan.

How?

There are a few different ways you can get a loan approved, even with a lower credit score or bad credit history.

One is by doing other things to make your loan more attractive to financial institutions. Things like offering a larger downpayment, keeping the size of your loan smaller, and choosing a vehicle that isn’t too old or in rough condition, can all help improve your chances of getting a car loan.

You can also look for car dealerships like Paul Sherry that offer Guaranteed Financing. While Guaranteed Financing doesn’t 100% mean that you can get a car loan, as long as your credit score is 500 or higher, you’re very likely to be approved.

Why?

Well, there are a lot of reasons. For one thing, car loans are seen as an important means of financial mobility and stability for one thing. For another, dealerships that advertise this kind of financing know exactly how to work with you to create a loan that looks less risky to the banks, while still getting you into a reliable vehicle.

Lastly, guaranteed financing often works with financial institutions that are comfortable with slightly riskier loans, which gives more people access to the money they need to get a vehicle.

Looking For A Guaranteed Financing Dealership? Come To Paul Sherry!

At Paul Sherry, we work with a wide range of Ohioans finding not only the right vehicle for their needs but also the right loan. We can work with you on trade-ins, down payment options, and find a vehicle that will work for you in a budget that makes sense for your financial position.

Don’t cheat yourself out of getting a vehicle. Take a look at our Guaranteed Financing and Car Loan options, and come on down to Paul Sherry to see if we can make a deal.