There are numerous factors that determine your loan eligibility and ultimately your interest rate including your credit score, income, debt-to-income ratio and bill payment history. Geographical location may also impact interest rates. In general, used car loans will also be more expensive than new car loans. You can arm yourself before approaching a lender by checking your credit score with FICO. If there are any mistakes in your report you can address them before applying for a loan.
You will also want to “shop” your loan. In order to do this, you need to look at the out the door price and other factors. Consider the total cost of ownership which includes taxes, insurance, the lowest rate of depreciation, fuel economy, insurance premiums, and maintenance and repair costs. Edmunds.com offer its True Cost to Own® calculator.
Once your loan application has been approved, our Finance team will prepare a loan package tailored specifically for you.