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Improving your odds of getting a car loan in Aldershot

Improving your odds of getting a car loan in Aldershot

 

You need to get into a car, but you don’t quite know how to go about getting a loan, or how to get approved.  Here are some tips to improve your chances of approval in Aldershot.

Be aware of your credit score

Your credit score is one of the most important factors in determining what type of loan you can receive, how much interest you’ll have to pay, and the length of your term.  Some lenders won’t approve anyone with low or no credit, so if you know ahead of time you have less than stellar credit, you won’t waste your energy applying at these institutions.

Knowledge is power

Before you apply for loans, have all your vital info ready at hand.  You’ll need to be able to provide proof of employment, income, address, and driver’s license.  Seems like a no-brainer, but the lender needs to make sure you can pay back the loan (and legally drive the car you’re buying) before they’ll agree to advance the money.

Shop around

You always want the best deal, right?  Especially on a big-ticket purchase like a car.  Shopping around for lenders can help you find the lowest available rate and best term for you.  Your credit score takes a small hit when you apply for pre-approval on financing, but if you fill out applications at several places within a few weeks, it won’t take hit after hit.  Plus, once you get approved for your loan and start making your monthly payments, your score will improve!

Budget, Budget, Budget

We’ve said it time and time again, budget!  Be prepared with what you can afford to spend every month.  Make sure to include everything in your calculations: gas, insurance, and maintenance on top of your loan payment.  It’s always good to incorporate an extra few bucks in there for any emergencies that pop up.

If you think you’re ready, you can apply for pre-approval with us at Car Nation Canada Direct, then shop for your next dream car all on our site!  Let us help you get into the perfect ride.

 

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    Categories: Auto Loan