Ready to apply for an auto loan and want to put your best foot forward? These tips from the BMW finance experts at BMW of Silver Spring will certainly help your chances of approval.
Check Your Credit Score
Your credit score doesn’t just impact your interest rate; it can even affect your eligibility. Some lenders are hesitant to work with buyers with a low credit score. It’s a good idea to check your score before you visit us. You want to avoid any unwelcome surprises, but also see if there are issues that could easily be corrected.
Make a Down Payment
A down payment can seriously help your chances of getting an auto loan. It helps establish you as a qualified buyer. Plus, by applying a down payment to your loan, you’ll have less to finance. This may make more vehicles available to you. Or, it can help you save on the vehicle you are eyeing, particularly on interest costs.
Trade-in Your Existing Vehicle
Don’t want to deplete your savings for a down payment? Your existing vehicle can provide a sizable down payment for you instead. Our team is happy to provide an estimate of your vehicle's trade-in value anytime. Simply stop in and see us or fill out our online form.
Consider a Co-Signer
Concerned about your credit? We do work with plenty of lenders that are willing to work with buyers with less-than-stellar credit. It would also be beneficial to find a co-signer. This person agrees to take over your loan if you can no longer make payments. Lenders take their credit scores into account when determining your eligibility.
Still have questions about your financing options? Ready to see if you’re approved? Visit our BMW dealership today to get started!