First Vehicle Purchase Auto Loan Mount Pocono PA
Can I Qualify For An Auto Loan If This Is My First Vehicle Purchase?
Buying and owning your first car is a thrilling time and one that comes with both responsibility and reward. If you haven't bought a car before or have only leased in the past you may be wondering am I eligible to qualify for an auto loan? With the right resources and expert team by your side, the answer is of course you can!
In the following post, the financing specialists at Ray Price Chevrolet in Mount Pocono took a closer look at what you need to know to purchase your first vehicle and how to increase the likelihood that you get the competitive financing you need. You'll be zooming around Tobyhanna, Scranton, Stroudsburg, and East Stroudsburg in your new Chevy in no time.
Know Your Credit Score
Credit comes from paying off large purchases you make in a timely manner (think school loans or a credit card). When you decide to apply for financing on your first car, you credit score is evaluated by banks and lenders in order to gauge whether you'll be a reliable borrower.
The higher your credit score, the better the rates you can expect to receive. If you know your credit score isn't at its best, there are some immediate action items you can put into play to get your score moving in the right direction and get ready for your car purchase.
Consider A Down Payment
If you're applying for an auto loan for your first new or pre-owned car, you can expect to be in the repayment stage for between four and six years, during which time you'll repay the bank on their loan through monthly installments.
If you have money saved up and would be able to put a lump sum down at the time of signing, known as a down payment, lenders see this as a positive behavior in starting a relationship, and you'll have reduced the overall amount that you owe on the purchase.
Trade In Your Current Ride
Purchasing the car you need while setting up your finances for success means thinking through your options and ways that you can make sure your new vehicle fits into your monthly budget.
In addition to knowing how much you can afford ahead of conducting research, you can add more wiggle room to monthly spending post-purchase by trading in your current vehicle. By having that value applied to the value of your new car, you'll have less to take out in the form of a loan and less to pay off in the long run.
Partner With A Knowledgeable Auto Finance Team
Whether you're purchasing your first car or your fifth, it's important that you partner with an expert finance center in your area, like Ray Price Chevrolet's financing experts serving Tobyhanna, Scranton, Stroudsburg, and East Stroudsburg.
Our personable and professional team in Mount Pocono is here to help you get behind the wheel of the Chevy car, SUV, or truck you've been waiting for and our relationships with great lenders in the area makes it easy to qualify for an auto loan even if this is your first vehicle purchase.
If you've found a ride in our inventory you're interested in, get the finance ball rolling by completing our secure financing application today.
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