The VW finance department here at Heritage Volkswagen Catonsville will do everything possible to help you find a loan, but if you're concerned about getting approved, there are a few steps that you can take to improve your chances. Here are some of our top tips for loan seekers.
Handle Other Financial Obligations
If you have a lot of other financial obligations, like student loans or credit card debt, those debts can count against you when you apply for a loan. That's because a lender wants to make sure that you'll have enough to pay them every month. Someone with a number of financial obligations might find themselves overextended if they add another loan to their debt load, so they're less attractive to lenders.
Taking care of some debts before you apply for a car loan can help boost your chances of approval. If you have a credit card or loan that can be paid off before talking to our financing department, take the opportunity to do so.
Get a Co-Signer
If you don't have much of a credit history or you have a low credit score, you might need a co-signer. This is someone who has good credit who will sign onto your loan with you, promising to be responsible for it if you default.
Consider a Pre-Owned Car
You can also finance a pre-owned VW car instead of a new one. This means a smaller loan, since used cars tend to be less expensive, and that could improve your chances of getting approved.
If you want to learn more about car loans, visit our Volkswagen dealership near Baltimore. We'll do everything that we can to help you get behind the wheel of a new or used Volkswagen model that you'll love!
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