If you’ve seen certain commercials lately, you may be under the impression that getting a car loan is very easy and can be done extremely fast. That’s not always the case, however. For the best chance at success, our Mazda finance has three tips for you.
Check Your Credit Score
Credit plays a big role when trying to get a loan. First of all, if your score is too low, this can reduce your chances of securing one. It can also have an effect on your interest rate. If you don’t know what your score is, be sure to check it before applying for a loan. Also, consider doing things to raise it, like paying off debt or consolidating it.
Use a Co-Signer
If your credit score is on the lower side, think about finding someone to co-sign on the loan. If you have a friend or relative with a good score, this can be a big help. Just remember that if you miss some payments, both you and your co-signer will be affected.
Put More Money Down
Lenders are all about risk when it comes to giving people money. The riskier they feel an applicant is, the less likely it will be that he or she will get a loan. By putting down a sizable amount of money for your down payment, it shows a lender that you’re serious about paying the car off. It also means that you won’t need to borrow as much, so you can shrink your monthly payments and pay off the loan faster.
If you have any questions about financing, get in touch with Heritage Mazda Towson. You can also start the financing process now by filling out our online application.
