There are a few things you can do to increase the chances of getting your car loan approved:
- Make sure your credit score is as high as possible. Lenders generally prefer borrowers with high credit scores because they are considered less risky. You can check your credit score for free and take steps to improve it if necessary.
- Save up for a down payment. A down payment can shows that you are financially responsible and able to save. It can also lower the amount you need to borrow and may lead to a lower interest rate.
- Shop around for the best rates. Different lenders may offer different rates and terms for car loans. By shopping around, you may be able to find a lender who is willing to offer you a better deal. Here at Journey Finance we do all the leg work for you. Meaning we go shopping for the best deal for you!
- Consider getting a co-signer. If you have a co-signer with good credit, it can increase your chances of getting approved for a car loan. A co-signer is someone who agrees to pay off the loan if you default.
- Be honest and upfront about your financial situation. Lenders will review your income, debts, and credit history before deciding whether to approve your loan. By being upfront about your financial situation, you can show lenders that you are a responsible borrower.
- Have a clear plan for how you will pay off the loan. Lenders want to see that you have a plan in place for paying off the loan. This may include a budget and a plan for saving money to make your monthly payments.
By following these tips, you can increase your chances of getting your car loan approved and be on your way to driving your new car.
For more information of what our team at Journey Finance can do for you, please feel free to call 1800 861 009!