Responsible consumers tend to have all their affairs in order – a steady income, plenty of savings and perhaps even an investment or two on the side. While these things are all positive, they ultimately won't get you approved for an auto loan – for that, you need credit.MSN Money recently profiled several credit myths that have been around for ages, and their top pick was the idea that having good finances will help your credit score. Unfortunately, things like your income, bank account and future earning power are not factored into your credit score – it solely measures how likely you are to pay back a loan.

For lenders to understand your payment habits, they have to see activity. This means you'll have to open up a credit card or a loan and start making the payments in full each month. Doing so will cause your score to rise.

This is where things like income and savings come into play. The theory is that if you have these things, you'll make your payments on time. However, don't think that simply having the money to pay will carry you through. Ignoring credit completely or letting payments lapse can damage your credit score, no matter how much money you're taking in each month.

Once a user has gotten their credit score to a suitable level, they can take advantage of benefits like lowered interest rates. By refinancing car loans, borrowers can negotiate a better rate than what their initial credit score may have earned them.