Check Your Credit Score Beforehand

Although it's not fun, being aware of the details of your financial situation prove to be crucial before you can apply for credit. Your credit score and history are vital pieces of information that lenders and dealers will use to discover your creditworthiness, so if they’re double checking your information, you should as well. Commonly, scores above 700 are considered satisfactory for auto loans and they can get you lower interest rates. Your score factors in everything from how long you’ve had your financial accounts to the number of accounts, your financial consistency and more.

Improve Score + Fix Credit Errors

If your score is below 700, you might want to aim to boost it before applying for a loan. While our finance center has worked with a variety of credit histories and scores before, it may be better for you in the long run to raise your score before committing to a large loan. Plus, interest rates for less than ideal credit are higher, making your monthly payment higher as well. It’s a good idea to check for errors in your credit report since those can reduce your score — you may see a significant increase when those errors are resolved.

Make a Plan + Get Pre-Approved

Ascertain how much you'd like to spend on a new or pre-owned vehicle. Your choice will be based on your needs, your bank account and how long you plan on making payments. Once you’ve made a plan that includes car insurance and an estimate of annual repairs and maintenance, get pre-qualified with our online finance application.

Here’s the Bottom Line: Big Down Payment + Shorter Term

If you’ve been pre-approved, that's great. You’re one step closer to owning the car of your dreams. After your test drive, you’ll talk with one of our financial experts about your options for financing. We advise putting as much down as possible and deciding on a loan term that’s no longer than 60 months. But again, based on your credit situation, those numbers will change person by person. In any event, your objective should be paying off your auto loan early if possible. Your credit score will thank you.

But What If I Got Denied?

Don’t stress. While it can be difficult, there are options out there if you’ve been refused a car loan. Think about asking someone you trust to be a co-signer, or address the debt you already have first to up your score. Remember, diligence and patience is necessary when it comes to finances, so don’t be disheartened if it takes months or even a year or two to see the number you want. And, our experts are always just a phone call away if you’d like to discuss your finance options in greater detail.