4880 S. 96th St. Omaha, NE 68127 402-210-8700

How Credit Works at Cars On The Money

REBUILD YOUR CREDIT WITH FINANCING THROUGH CARS ON THE MONEY

Cars on the Money is a family owned independent dealership, which uses a "Patented Credit Approval" program that is quick and easy to use. This program provides our customers the opportunity to finance a reliable vehicle and improve their credit score at the same time. So whether you are a first time buyer, fresh out of bankruptcy, or just trying to get your credit on the right path, Cars on the Money can help you establish or re-establish your credit with our "Patented Credit Approval" program.

To understand how the "Patented Credit Approval" program works to improve your credit score and credit history, you must first understand what credit is and how good credit works to benefit you and how bad credit can hinder your opportunity to make purchases. Credit is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. Credit history is your reputation for paying debts and obligations in a timely manner. Your credit history is what determines your credit score.

A credit score is a numerical expression based on a level analysis of a person's credit files, which represents the creditworthiness of the person. A credit score is primarily based on credit report information typically sourced/obtained from credit bureaus. The credit report is a detailed report of an individual's credit history, and used by a lender to determine a loan applicant's creditworthiness. In summary, it is important to protect and rebuild your credit score for financial freedom. Financial freedom can change your life!

Here are a few ways that Cars on the Money's "Patented Credit Approval" program can help you improve or establish your credit, credit history, credit report, and credit score.

  1. Unlike the Buy Here, Pay Here lots, Cars on the Money works with many lending institutions, which report your payments to the three major credit bureaus (Equifax, Experian, and TransUnion).
  2. You are given the opportunity to build a positive credit score by making your payments on time. Cars on the Money can set up an automatic debiting system that ensures on time payments.
  3. You will experience more financial freedom. After paying off your contract with a history of on time payments, you will be able to purchase a newer vehicle and finance at a lower interest rate, obtain a major credit card, or purchase a home.
  4. Cars on the Money offers an Extended Warranty package that can protect you from unexpected expenses.

What things damage and destroy credit?

  1. Ignoring debt obligations may cause you to be turned down for a job, apartment, opening a bank account, or applying for telephone services. It is important to pay your bills on time.
  2. Bankruptcy can stay on your credit report for ten years from the date of filing for Chapter 7 filings, and seven years for Chapter 13 filings, and seven years for each record marked as "Included in BK".
  3. Charge-offs can stay on your credit for seven years.
  4. Closed accounts can stay on your credit seven years if the account was paid late, and no expiration date if the account was always paid on time.
  5. Collection accounts can stay on your credit for seven years from the last late payment on the original account.
  6. Inquiries can stay on your credit for two years.
  7. Late payments can stay on your credit for seven years from the date of the late payment.
  8. Judgments can stay on your credit report seven years from the filing date if paid; longer if unpaid.
  9. Tax liens can stay on your credit report for fifteen or more years if left unpaid, seven years from the date the lien is paid.
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