Learning how to finance a car can sometimes be confusing, so researching financing tips and guides is the best way to ensure you get an amazing loan for your new vehicle. For helpful financing tips and advice, be sure to check out our helpful article below.
Financing a car is a great way to get your hands on a vehicle fast. However, to ensure you get the best loan available for your purchase, you’ll need to take a bit of time to prep your finances for the upcoming purchase. To start, make sure you have enough money saved up to cover your new vehicle’s down payment. This is typically 10 to 20 percent of the sticker price and a fee that won’t be covered by your vehicle loan.
You’ll also want to do your best to raise your credit as much as possible before you begin applying for loans. This will not only ensure you qualify for the type of loan you need, but it will also help lower your interest rates. To quickly raise your score over a short period of time, make sure to pay off bills and debts on time, and avoid closing any open lines of credit—such as a credit card.
Before you begin applying for financing, you’ll want to do a bit of research on the lenders in your area. There is a wide variety of financial institutions willing to offer you vehicle financing, so be sure to look into the pros and cons of each. You’re also welcome to apply with multiple institutions, although we advise against putting in more than 6 applications at one time as it may lower your credit score. Looking for convenient and affordable financing near Grand Rapids, MI? Then be sure to visit us here at Express Auto to take advantage of our amazing financing services! Our expert staff will ensure you get the best financing options available, all you need to do is make a stop at one of our many dealerships located across western Michigan.