HOW TO GET APPROVED FOR A LOAN

If you’re planning on buying a car and financing your purchase, there are things you can do ahead of time to prepare. These tips from our GMC financing department can save you time and stress during the purchasing process.

Stay on Top of Your Credit

One of the most important things you can do to ensure you get a car loan is maintaining a good score. If yours is fine, you shouldn’t have much trouble, but if it’s on the low side, you may want to work on raising it.

Consolidating your debt is a great way to improve your credit score. If you’re looking to buy a car soon, using a co-signer with good credit could also be helpful.

Bring Proof of Steady Income

Lenders have to be sure that you will pay back your loan before giving you money. This is why you need to be prepared to show proof of income. This could come in the form of paystubs or bank statements showing direct deposit.

Have a Good Down Payment

Lenders also want to know that you are committed to your purchase, which is why they like to see sizable down payments. Around 20 percent is a good number to try to hit.

The more money you can put down up-front, the less you will have to borrow. This can also result in a smaller interest rate. If you decide to trade in your old car, you can use the funds you receive for your down payment or at least a large percentage of it.

Start the Loan Application Process Now

At Patriot Buick GMC near Pottstown, we aim to make financing easy for our customers. You can start by filling out our online application, and once you’re finished, one of our financing professionals will be in touch. Don’t worry if your credit is low; we’re confident we can help you find a payment plan that works for you. Check out our new vehicle specials today!