When it comes to financing a new Land Rover there are a few things you need to have in order before you can take out a lease or begin the financing process, one of the most important things being your credit score. Here at Land Rover Asheville, based in Arden, NC, we strive to help you secure Land Rover financing so you can get behind the wheel of your dream vehicle sooner rather than later. Here are some tips on raising your credit score before financing a vehicle.
The Preliminary Work
Before you think about a financing consult ask yourself the following:
- Do I pay my bills on time?
- Do I have any debt?
- Is my source of income steady?
Addressing these questions may reveal if your credit is ready and if you are eligible to finance a car. Go ahead and find a dependable resource to check your overall credit score. You’ll want to score at least around 700 to be considered for most financing. While you’re at it, check your credit reports for errors as well.
Tips to Raise your Credit Score
If your credit score is less than ideal, fortunately, there are ways to improve it, including:
- Being diligent about paying your bills on time is a must. If you tend to be forgetful, set up automatic payments. Eliminate any services you don’t use and be sure to settle any late or missing payments.
- Pay off any existing credit card debt. Look into your credit utilization ratio, or how much of the available credit on your cards you are using.
- Check your credit report for accuracy and dispute any inaccuracies you encounter.
The Down Payment
Lastly, saving up for a larger down payment may come in handy if your credit is less than stellar. The down payment is usually roughly 10% of the vehicle value, but around 20% is better. The larger the down payment, the lower the monthly payments, and interest rate, and the shorter the term period usually ends up being.
Contact Land Rover Asheville for Your Car Financing Needs
Visit the finance center at our Land Rover dealership today for any additional questions about the financing process. Our staff of financing experts is here to help guide your financing journey!