The price tag on a pre-owned vehicle can be more than you can afford to pay out of your own pocket. You need to use some sort of financing to pay the entire price for the car in which you are interested.
Rather than max out your credit cards or take out an advance on your paycheck, you can buy a different car by taking out a bank loan. Before you contact us today, you can learn about the common factors used to approve most used vehicle loans in Lynnwood, WA.
Credit Score
Despite you buying a used car, your credit score will still be used to determine your credit worthiness for the loan. If you have a score that is above 620 to 650, you stand a better chance of getting approved for financing.
If you have a score lower than 620, you may not be approved without having a cosigner on the loan with you. You also may be required to have a larger down payment.
Down Payment
The amount of the down payment that you have also influences your approval. If you have at least 20 percent down on the car, you could be approved faster than if you had no money down at all.
You can learn more about what goes into approving you for used vehicle loans in Lynnwood, WA, online.
