Tips on Applying for a Car Loan

 

At Fields BMW Northfield, our customers always come first. We’re here to make every step of the car-buying process easier for you, no matter what you need. Whether it’s tracking down the perfect SUV for your off-road adventures, finding a van with all the specific safety features you need, or handling basic maintenance on your new BMW car, our dedicated staff are here to help. And financing a new car is no exception. Our finance experts can help you apply for car loans and choose the best offer, loan term, and down payment for your needs. Here is a brief guide on how to apply for car financing.

The first step to getting a new car financed is ensuring you’re familiar with your own budget. Do you know how much you want to spend on a new car or what price range you’re in? Do you have an idea for a down payment you’d like to put down to lower your overall loan amount? How long of a loan term are you looking for—a quicker payoff and higher payments, or lower payments and more interest overall? Are you familiar with the fees that come with financing a new car? These are questions you need to ask before you apply anywhere.

Reviewing your credit score and reports is also an essential step of the process, as it will give you an idea of the types of interest rates you’ll likely be offered. A better credit score usually means more loan offers and/or lower interest rates on those offers, which is helpful. But you can still get access to financing with a low credit score.

Once you’re prepared to begin applying for financing, be sure to shop around for offers from different lenders. You can use your own bank, a bank our Illinois BMW dealership offers, or you can search on your own for the best loan offers and rates. But no matter which route you choose, you can rely on Fields BMW Northfield to be there for any help you may need throughout the process. Learn more and apply for financing on our website today.

Categories: Finance