Auto Financing is Easy at Brooklyn Mitsubishi

May 21st, 2019 by

Buying a new car is a major purchase, even if you have a good trade-in to help. While the dealership you are buying the car from would be happy to help you finance it, there are still things you need to do before applying for a loan. Why? It will help the finance arm of the auto dealer make a loan to you, and you will also get the best terms.

First, do some research on your credit score and history. Your credit score will be easy to get, and not cost you anything. Any of the major credit reporting services, like Experian, will give you your credit score (once a year). A credit score of 700 or higher is good and will get you the best loan terms, including the best interest rate. Your credit history shows how well (or not) you’ve done at making payments on time. Check your credit history for errors, especially erroneous entries for late payments. If you find errors, you can speak to the agency that provided the credit report.

Getting a loan pre-approval will greatly help; it marks you as serious about buying a car, and in good enough financial health that a lender (or several) would lend you the money. Having loan preapproval will also put a realistic cap on the amount of money you can spend on the car of your choice. That will help you decide how long a term you would want for the loan. While loans for cars can go to six years, it’s better to get the shortest term possible, to pay the least interest.

If you’re serious about buying a new car, and you’ve done the preliminary work to get your finances in order, contact Brooklyn Mitsubishi at 718-345-1600, or visit our dealership located at at 5910 Chruch Avenue in Brooklyn.

Posted in Brooklyn, Finance