If you're applying for an auto loan at Heritage Subaru Catonsville, there are ways that you can boost your chances of getting approved. Our Subaru finance department does everything that it can to help drivers get approved for a loan, but there are some things that you should keep in mind as you try to secure financing.
Your Credit Score Matters
One of the big determinants of whether or not you get a loan is your credit score. This is reflective of your credit history and shows how good you've been about paying your debts in the past. A higher score makes it easier to secure a loan, and a higher score also generally means more favorable loan terms, like lower interest rates.
Your Other Financial Obligations Are Considered
When we look at your credit history, we also look at your current financial obligations. Someone who has a lot of other bills to pay may have a harder time securing a loan. If you have other debts, like student loans or credit card bills, it could be helpful to pay them down before applying for an auto loan.
You Can Get a Co-Signer
If you're really worried that you won't be approved for a loan, you can get a co-signer. This is someone with better credit than you who agrees to be responsible for the loan if you default. If you have little credit history or a bad credit score, a co-signer can help.
You Can Choose a Pre-Owned Vehicle
It's not just new Subaru models that can be financed with a loan. You can also choose to finance a pre-owned model. Used Subaru vehicles are likely to be less expensive, which means a smaller loan and a potentially higher likelihood of approval.
If you have more questions about financing, we can help. Visit our Subaru dealership serving Baltimore and see how we can help you secure a loan that works for you and your budget!
