Show Me the Money! 7 Ways to Improve Your Chances of Getting a Car Loan
The United States has over 250-million cars on the road today. That number makes this country the second largest car market on the planet.
Why are cars so popular in the USA? Talk to 10 different people and you’d likely get 10 different answers.
Our take on why cars are such a big deal is that they make life easier and in many cases, are a downright necessity when it comes to getting through a day of work, picking up kids, scooping up groceries and more.
Because of how important cars are to our lives, it can be hard for people with less than stellar credit to cope with the fact that getting a car loan can be difficult.
Fortunately, there are a number of ways that you can vastly improve your chances of getting the financing you need to get into the car you want.
Here are a few of our top suggestions!
1. Have an Idea of What Your Credit Is
Any good car dealership is going to want to provide you with as surprise-free of a car-buying experience as humanly possible. So, before applying for financing at a dealership like ours, it’s always helpful to have a rough idea of what your credit is.
There are a number of ways to understand your credit situation that won’t cost you a penny! The United States Federal Trade Commission offers some great advice on this subject here.
2. Consider Working to Rehabilitate Your Credit
At Legend Auto Sales, our team prides ourselves on our ability to work with all kinds of credit situations when helping customers with getting a car loan. Still, we are also strong advocates of people rehabilitating their credit if that’s their ambition!
Some low-hanging fruits that might help to improve your credit include paying off existing debt, keeping up with your current recurring payments, and continuing to build a long credit history by keeping old credit cards/other lending accounts open.
Have more questions on credit? Our finance experts can help!
3. Get a Co-Signer
If you have a close friend or a family member with good credit, you may be able to qualify for a better auto loan than you would have if you’d submitted a credit application on your own.
Co-signers essentially ensure your responsibility to make car payments on time. So, if you were to fall behind on payments, your car’s financier would be able able to hold your co-signer responsible for filling in the gaps.
4. Be Flexible
The difficulty of getting a car loan can vary depending on the kind of car that you’re buying.
For example, if you’re trying to purchase a vehicle for $13,000, getting financing for it would be a lot easier than getting financing for a $25,000 vehicle.
Consequently, depending on your credit situation and related-factors, you may want to consider being flexible with the kind of car that you’re looking to purchase. Doing so will allow a good dealership to better accommodate your unique financial situation.
5. Offer a More Sizable Down Payment
The larger the down payment you offer, the less your lender is going to need to qualify you for in the way of funding. Therefore, if you can save up a sizeable down payment, the quality of your credit score will become less important than if you were trying to qualify for financing with 0-dollars down.
A finance expert at our dealership can walk you through exactly what a variable down payment might do to improve your likelihood of getting a great deal.
6. Discuss Your Specific Concerns With a Real Person
We’ve harped a little bit on the value a vehicle financing expert can bring to your auto-buying experience and you know what? We’re going to harp on it a little bit more!
You can read articles online until you’re blue in the face about getting a car loan but nothing replaces the streamlined experience you’ll enjoy when you get personalized advice from a person that routinely approves thousands of vehicle loans.
Our finance team always aims to give customers straightforward advice that makes their car buying experience hassle-free. If you’re interested in learning more about financing now, try out our payment calculator tool or feel free to browse our literature on how we help credit challenged car buyers drive off with the vehicles they’ve always wanted.
7. Work With a Dealership That Wants to Work With You
Our final getting a car loan tip is one that we can’t over-stress.
Working with a car dealership that wants to work with you is both valuable to your time and to your finances. That’s because car dealerships that have experience financing people with all kinds of credit situations are going to give you the best possible experience and the best deals every time.
Whether you’re a buyer with immaculate credit or a credit challenged customer that’s looking to hear the word “yes”, our team has you covered.
Our Final Thoughts on Getting a Car Loan
Getting a car loan can be a stressful process for millions of people. By doing simple things though like being flexible, understanding your situation and working with the right dealership, all of the stress that goes into getting car financing can go straight out the window.
Legend Auto Sales has been Burien, WA and the surrounding area’s go-to resource when it comes to financing, car buying and everything in-between since 2008.
We’ve got one of the largest pre-owned vehicle selections in the state and a professional, friendly team that wants to meet you today.
If you’re ready to enjoy car buying the way that it was meant to be enjoyed, come down to our dealership and let us treat you to a legendary experience!
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