Buying a used car in Las Vegas: Having good vs bad credit score

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One thing that was unique to me in my experience of buying a used car in Las Vegas was that this was the first time I was going to have to finance a car based on my own credit score. In the past I bought one used SUV with cash, one used SUV with loan from a credit union that required a co-signer, and bought a used car with cash. As a younger person only a few years removed from college, I do not have a lot of credit history. I did not think my credit score was going to be bad, but I was not sure how good it was going to be either. I felt my credit score would at least be above average because I have paid of some student loans, and my car note that I had back in California through a credit union was paid off when I totaled my car in an accident.

After the dealership ran my credit report it turned out that my score was far more good than bad. I was happy to see that I had a good credit score because I knew that it would benefit me when it came to financing an auto loan. However, I did not realize how much having a good credit score would help me vs a bad credit score in the process of buying a used car in Las Vegas.

With my credit score I was able to get a much lower interest rate than the standard "ballpark" rate that the dealership showed me just to give a rough estimate of what my monthly payments would be. One dealer even allowed to borrow a used car for a full day just so I could really get a feel if I like the vehicle or not. The dealership said that it was because of a good credit score that they gave me the option to borrow the car. All I had to do was show a valid driver's license and show my proof of insurance.

It was not until later that I spoke with some people I know after I had bought my used car that I learned how much a bad credit score can hurt you if you're buying a used car in Las Vegas. I talked to more than one person who had a bad credit score when they bought their used car either in Vegas or Henderson, NV. When they bought their vehicles from used car lots they all ended up having to pay a double-digit interest rate on their car note. They had a much harder time with the auto loan process because their credit scores were bad.

This was an eye-opener for me. I don't know what these people did exactly to earn their bad credit score, but it was interesting to see how having a bad credit score can have a long-lasting negative impact on your finances for years to come. Take care of your credit because having a good credit score will have some nice benefits for you in the future when you have to use it!

Buying a used car in Las Vegas: Having good vs bad credit score
https://www.youtube.com/watch?v=5Kz6nRUkcHI
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Buying a used car in Las Vegas: Dealership Managers Can't Sell
https://www.youtube.com/watch?v=MF-2aH6lUyU
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