So, you're ready to buy a new or newer vehicle. The one you have is on its last legs and it's time for it to go. We hear ya!
But before you start car browsing online or step foot on a dealer's lot, do yourself a big favor. Test drive your auto financing first.
Because of the power of the internet, so more information is available to us. And when it comes to car shopping, that's a good thing.
It means you can now be more prepared than ever before, eliminating surprises. That's why prequalifying is so important. It gives you way more control over the buying process.
What Exactly is Prequalification?
Getting the thumbs up from a lender on car loan pre-qualification is a very good thing! It means the lender or financial institution knows you are a good candidate for a loan based on the information you submitted.
However, getting pre-qualified is NOT the same as qualifying for a loan. It's the first important step but it does not commit the lender to give you a loan. Loan approval does commit the lender to give you the money.
Ways to Pre-Qualify Your Auto Financing
One of the quickest ways to check out your buying capability is to prequalify on our website. It's a quick form that includes information like:
• Your down payment
• Loan terms
• Type of vehicle you're interested in
• Whether you have a trade-in or not
• Employment info
From there, we take your information and begin the serious work of prequalifying you for an auto loan. That means we do a credit investigation and forward your application to financial institutions and lenders.
Once we've gathered the information, we confirm with you your financial pre-qualification.
The second way to get prequalified for auto financing is to go to your local lending institution. They will ask you many of the same questions that we do and follow much of the same process for getting you pre-qualified.
What's the Difference Between Dealer Financing and Local Bank Financing?
The biggest difference between the two is time, your time. Our dealership interest rates are competitive with almost any local bank. We have some of the best auto rates in the area, often beating out the rates of local banks and credit unions.
What's more, because our dealership has been around for 60+ years, we've got a sterling reputation with local banks. So, if you're more comfortable with a local lender, we can most certainly work with them.
The only drawback is, as we said, time. With an outside party, it means the bank has to electronically send over their paperwork, we have to send over ours, and it all has to be approved. That takes time and slows down the process.
By working directly with us, you reduce the time it takes to get behind the wheel of your new vehicle!
And, if you need extended financing, say, for 6-7 years, we can do it. Most banks don't have that option.
What If I Have Had Past Credit Problems?
Whether you've had bad credit or poor credit in the past, the point is, you're ready to work to clean it up.
Joe Bowman offers a program called Second Chance Credit. We know that it's hard to fix a poor credit score, but it isn't impossible. Because some lenders will charge exorbitant car loan interest rates for those with a history of poor credit, you're constantly paying on the interest and not the principal.
That makes it difficult to get ahead much less re-establish good credit!
If you're making a sincere effort to clean up your credit, we want to give you every chance to succeed. Because we have a network of local lenders and large financial companies, we can shop around and find the best rate for you.
The rate will be higher, but it will NOT be outrageous. And it will allow you to rebuild your credit rating.
Preparation is Empowerment!
It's true. Knowledge is power. The more educated you are on your options and how car buying works, the happier you'll be with your overall purchasing experience.
Learn more about our Harrisonburg dealership. Stop by or check us out online. If you've got questions, call or stop by. We're here to help!
