The car buying process has a lot of moving parts. In addition to finding the right vehicle, there are many financial aspects to consider. One of the best first steps to take is to get pre-approved for your loan through Honda financial services. Garden State Honda offers these tips to improve your chances of getting pre-approved.
Check Your Credit Score
When applying for a loan, lenders will look at different factors, including income, employment history, and how much money you are looking to borrow. They will also look at your credit score. The higher it is, the easier it will be to secure a loan. If your score isn’t where you’d like it to be, review your credit report to see if there are any mistakes or discrepancies you can clear up.
Pay Off Debt
Outstanding debt could also be hampering your credit score. You should pay off as much as you can before applying for financing, starting with credit cards or other things that have high interest rates. Debt consolidation is something else to consider.
Plan on a Bigger Down Payment
Lenders are more likely to give you money when they have confidence that they will be repaid. Therefore, the smaller the amount you have to borrow, the greater the chances that you will be approved. If you were planning on a 10 percent down payment, for example, going to 15 or 20 could be a big help.
Get Pre-Approved with Honda Financial Services in Clifton, NJ
Once you are ready to start the financing process, Garden State Honda in Clifton, NJ, should be your first stop. In fact, you don’t even have to go anywhere – you can get pre-approved with the financing application through our website, and a member of our team will be in touch with you.
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