While it would certainly be nice to be able to walk into a Volkswagen dealership and just pull out your wallet to buy a car, for most people this just isn’t realistic. This is why Volkswagen financing exists — to give shoppers the ability to get a vehicle without needing to have a lot of money. The first step in the process is to get pre-approved for a loan, and Chico Volkswagen offers some tips.
Check Your Credit Score
One of the biggest impediments to people looking for financing is their credit score. Lenders are often hesitant to lend money to people with low scores because they see this as a potential risk. This is why one of the first things you should do is check your score to know where you stand.
Boost Your Score
If your credit score is in the Good or Great category, you may not need to do anything. However, if it’s low, consider doing things to raise it. Paying off debt or consolidating it could help give your score a boost.
Plan to Supply a Bigger Down Payment
To help alleviate some of the risks a lender may be feeling, you could include a sizable down payment. Putting up at least 20 percent, for example, will prove that you are committed to the purchase. This may also help lower your interest rate.
Have Someone Sign on the Loan With You
Another thing that can lead to success with financing is using a co-signer. Having someone on the loan who has good credit will offer further reassurance to a lender. This is also a tactic that could give you a more favorable interest rate.
Start the VW Financing Process in Chico, CA
If you’re ready to get the Volkswagen financing process started, Chico Volkswagen makes it simple. All you have to do is fill out our online application to get pre-approved. Feel free to contact us with any other questions!
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