will make. Most people would love to be able to pay cash for their new car
however, the reality, is most people will have to finance their car, new or used,
and pay it off over several years. Since a loan accrues interest overtime, it’s
important you know what you are getting into and what to look for. Del Toro
Auto Sales is here to help and inform you of a few important items you should
Know your Credit Score
When creditors look at financing you an auto loan, your credit score is the single
most important factor. It will help lenders determine the type and how much they
will loan you regardless if it’s a bank, auto loan dealer or dealership, your rate is
predicated upon your credit score.
However not all lenders will use the same scoring systems depending on the
criteria of different companies which some companies may have alternate
minimum criteria than others to qualify for a loan and this depends on which
company is providing financing.
If you don’t know your credit score you can visit annualcreditreport.com to
access a copy of your report from the three main reporting bureaus and it’s free
one time per year. This will allow you to view your finically history; who you owe
money to, if you have defaulted etc. If something is not accurate on your report
be sure to get this remedied by calling the reporting lender.
Apply For Loans During A 14-day Time Span
When lenders pull your credit to view your financial history, your credit score will
slightly decrease. So with this, what most lenders won’t tell you, keep your
application process within a two-week period to help decrease the negative
impact on our credit score. This happens because the shopping for FICO scoring
is 14 days at a time so all inquiries within this time frame of 14 days is only
considered one inquiry, therefore decreasing the impact of your score.
Before you shop, Get Pre-Approved in Auburn
It’s always best to know how much you are approved for before you enter a car
lot and begin shopping. At Del Toro Auto Sales in Auburn you can visit us online,
fill out a short pre approval finance form and within minutes you will know how
much you will be approved for. You can then visit our extensive used car
inventory to start viewing the car you want or even schedule a test-drive on-line
or visit us in person, this process is quick and hassle free.
Calculate Your Loan Before Saying Yes
The main factor to note when purchasing a loan is the total amount of money you
will need to purchase your car, whether you need a down payment, how much out
of pocket you need and the term of the loan. Visit Del Toro Auto Sale’s website
and use the loan payment calculator to determine your monthly payment, or play
with the numbers. This may help save you thousands of dollars throughout the
years. We at Del Toro Auto Sales are here to help you get into a loan you are
comfortable with and the terms that work for your budget.
If you want to get the car you want, financing is a great way to make this happen
without sacrificing. The process of obtaining a used car auto loan can, at times,
be complicated, however it’s typically quite easy and pain free. Do your
homework before you begin shopping for your used car in Auburn and we
guarantee you will walk away feeling great.
Visit us seven days a week during our extensive business hours, our team is here
to help get you financed and driving away in the car you desire.