You are to assume the role of a financial advisor. A client does not understand why a credit report and credit score are needed to secure an automobile loan and needs you to explain.
The client needs a vehicle and knows that many automobile dealerships offer financing for customers that cannot pay in full. The client is certain that an advertised 2.3% interest financing offer will allow the client to borrow as much money as needed at a very low interest rate.
When you mentioned credit reports and credit score to the client, the client did not understand why an automobile dealership would need that information, how the information pertains to the dealership and how the information provided on credit reports and credit score can impact the ability to receive low interest rate financing.
You must explain to the client why information on credit reports and a credit score is important to lenders, the main factors that are included in credit score calculations and how a credit score can impact the cost of credit and ability to receive credit.
