Knowing and understanding your credit score is important when it comes to making major financial decisions such as buying a car, buying a home, or even renting an apartment.

Your credit score is a calculated representation of how likely you are to pay back the money you borrow, in full and on time. The higher the score, the more likely you will qualify and be approved for a car loan, personal loan or mortgage, and at a lower interest rate—saving you money and keeping more money in your pocket. Scores can range from 300 up to 850, and companies will vary upon the score needed to qualify for a loan.

Learn more about credit and how to use it to increase your own financial wellness at the links below.

• Why credit is important
• Credit report vs. credit score
• Hard inquiries vs. soft inquiries
• Accessing your credit report
• Ways to improve your credit score
• Keeping a good credit score
• Disputing credit report errors

We have a partnership with GreenPath Financial Wellness, a nonprofit who works with individuals on creating a plan for their financial health on a path to achieving their dreams. Their goal is to help you improve your quality of life through financial wellness. From creating a budget for your daily habits to managing debt, and most importantly understanding credit, GreenPath will have you on a greater path towards becoming debt free while creating a positive experience with your credit history.

Visit GreenPath’s website to talk with one of their financial counselors and for more information on the topics below:

• Debt Management
• Debt Counseling
• Get a Budgeting Worksheet
• Tips on Credit
• Understanding Credit

How loan payments work
Similar to a traditional mortgage, interest accrues on your car loan daily. Early on in the loan when the principal balance is highest, the higher the daily interest charge. As your principal balance gets smaller, the less interest that accrues each day. This means that the payments you make earlier in your loan go mostly toward paying interest, and later, as the balance gets smaller, the more your payments go towards reducing your principal balance.

Watch the video below to learn more:

What a deficiency balance can mean
Due to unforeseen circumstances—such as an underinsured car accident or uncovered mechanical failure—your car may no longer be available to drive. In these instances, we will collect the most money we can, whether it be recovering money from an insurance company, selling the car at a public auction, etc. We will reduce your loan amount by any amount of money (less third party fees) we recover in exchange for the vehicle. The principal amount remaining on your loan, after we reduce it by the amount of money we recovered, is called a deficiency balance. You are still liable for this deficiency balance. We have flexibility to establish a reduced payment plan to pay off the deficiency balance over time, or we can offer a one-time settlement amount. If you find yourself in this situation, contact us to discuss the options.

Watch the video below to learn more:

Paying off your car is a great goal. At Brightin, we want to be there for you every step of the way—even when life throws you a curveball or two—providing guidance and opportunities until your car is paid in full. That’s why we offer a variety of programs to help our customers keep their car running and paid on time:

1) Brightin Rewards
At Brightin, we value our customers and want to provide them with an exceptional experience. In our Brightin Rewards customer care program, customers who keep their account in good standing have opportunities to receive rewards and payment credits such as baseball and basketball game tickets, free TVs, free oil changes (up to $35) and even a full payment credit! Learn more

2) Trade-In, Trade-Up
In our Trade-In, Trade-Up program, we work with our customers who have paid down their balance or paid off their account to get into a newer and better car. As a participant in the program, you’ll receive a lower interest rate as well as a higher amount to finance to find the perfect new car for you. Contact our office for more information.

3) Tax Match
During the tax season, from January 1st to April 30th, Brightin offers a tax match program to help you pay off your car faster. Simply make a payment above your current payment amount, anywhere between $500 and $1,500 and Brightin will MATCH that payment and apply it to your account balance! Read Ashley’s story and see how our tax match program helped her upgrade to a new vehicle.

Often a way to get some extra cashflow is to refinance your car. Though we do not offer refinancing with Brightin, we can help guide you to the proper resources so that you can make the most informed decision about your finances. Sometimes, even a personal loan can be used to consolidate debt which can include your current auto loan. Here are some links to learn more about refinancing an auto loan:
• Should I Refinance My Car Loan?
• When Can I Refinance My Car Loan?

Below are a list of companies you can contact to find out more information about refinancing an auto loan or consolidating debt.
• GreenPath Financial Wellness
• CarsDirect
• AUTOPAY
• Capital One Auto Finance
• Local credit union(s)

New job? Pay dates changing? Suddenly find yourself unemployed? Unfortunately, life can change at any moment and Brightin wants to work with you to come up with a solution to avoid disrupting your life. Depending on circumstances, we’ve worked with our customers by offering deferred payments, interest-only payments, and more to help ease your financial burden.

Should you become unemployed, here are some resources you can access while you look for your next job:

• Visit the Ohio Department of Job & Family Services and they can direct you to key information such as filing for unemployment benefits, resume services, and they also post jobs available from all over the state of Ohio. Be sure and reach out to them and they’ll connect you with a representative to help guide you through the process.

• Lyft Express Drive offers an ability to earn money as you search for employment. They’ll even cover the maintenance, insurance and roadside assistance. All you have to do is commit to driving for Lyft a minimum of 20 drives per week, and you can keep the profits!

Having some mechanical troubles? Check engine light on? Bent tie rod? We have a solution...or two. Brightin is proud to offer several solutions to help when your car is need of a tune up. Our partner mechanics are able to fix most mechanical problems you may encounter and have you back on the road in no time.

Depending on the situation, we may be able to help you cover those expenses with a Warranty Repayment Plan. Or depending on the balance on your account, you may be eligible for the Trade In-Trade Up program to purchase a newer vehicle. Brightin will work diligently to help ensure you know you’re valued as we work to keep you safe and your car mechanically sound. Don’t walk away. Call Brightin. We can help!

Warranty Repayment Plan
Our Warranty Repayment Plan (WRP) is an interest-free payment option option where Brightin will front some of your repair bill so that you can stay on the road. Let’s say your repair bill is estimated at $900 and your next payment is due in two days—where’s that money coming from? Here’s an example of the Warranty Replayment Plan in action with a customer who is on bi-weekly payments:
• Brightin defers the upcoming car payment.
• The customer pays as much as they can toward repair costs, for example $400.
• Brightin covers the remaining balance = $500
  – Customer is a bi-weekly payer and can afford $100 toward the WRP with each payment.
  – Every two weeks the customer makes their car payment + $100.
  – $500 WRP / $100 = WRP is paid off over next 5 payments.

Trade In-Trade Up
In our Trade In-Trade Up program, we work with our customers who have paid down their balance or paid off their loan to get into a newer and better car. We have partnerships with dealerships in Ohio who are committed to helping our customers find the best vehicle for their needs and budgets. As a participant in the Trade In-Trade Up program, you’ll receive a lower interest rate as well as a higher amount to finance to find a newer car for you. Contact us to find out more about the program and see how we can get you into a better car today!