Our Acura finance team receives a lot of questions, but an often reoccurring one is how exactly the financing process looks like for an auto loan.
To help you stay ahead of the curve, our team at MotorWorld Acura has provided this breakdown of how to qualify for an auto loan.
Auto Loans 101
An auto loan is essentially an agreement between the buyer and a financial institution for the total price of a vehicle. The specifics of an auto loan can vary quite dramatically and depend on a variety of different factors.
One major factor involved in determining whether you’ll qualify for an auto loan is your credit score. A credit score is a rating that financial institutions use to verify a buyer's creditworthiness.
It is worth noting that credit scores aren’t permanent, and even if you have a poor credit score, you may still manage to get a great auto loan. Normally, however, a higher credit score puts you at an advantage of acquiring a good APR and overall loan term.
If you’re worried about whether or not you’ll qualify for an auto loan, one of the best things you can do is provide a substantial down payment. A down payment of roughly 20% of the value of the vehicle you’re buying can go a long way in bringing down the car’s overall cost, which means lowering how much you have to finance for.
Financing at Our Acura Dealership
If you’re interested in financing a new Acura vehicle in Wilkes-Barre, PA, our Acura dealership is the place to go to. Not only do we have a passionate team of experts, but at MotorWorld Acura, we also make customer service our number one priority.