Tips for Financing a Used Car
Financing your used car is a crucial step in the car-buying journey. If you’re from Manhattan, Bronx, or Queens, you want the peace of mind that comes with choosing a financial offer that works with your future goals in mind, and we can help with that!
The experts at our finance center helped us put together this guide. Keep reading if you want to learn the must-know tips for financing a used car.
1. Check Your Credit
Knowing your credit score before you head out to purchase a used car can help you get a better idea of what financing options you could qualify for. Your credit score is based on your credit history, which details payment activities, open accounts, and number of credit inquiries.
While a higher credit score might mean you’ll have more financing options, we might be able to help you get the financing you need with low or no credit.
2. Give Your Score A Boost
If you realize your score isn’t where you want it to be, there are things you can do to improve it. To start, pay off any credit card bills in full and on time. This is an easy way to boost your score. You can also try to limit the amount of accounts you open and keep a low balance on each of them.
Improving your credit score before financing your used car will put you in good standing with lenders, and it’ll also help you get the terms you want when you’re ready to apply!
3. Know What You Want
As you prepare to finance a used car, knowing which vehicle you want will help streamline the process. If you’re not sure which pre-owned model is best for you, one of our knowledgeable sales associates can help you choose the vehicle that fits your lifestyle.
If you’d rather shop from the comforts of home, you can browse our inventory online. You can use our search tool to narrow down your results, so by the time you arrive in our showroom, you’ll know exactly what you want.
4. Find a Cosigner
Drivers with no credit may benefit from getting a cosigner. A cosigner is someone who will vouch for you by signing the paperwork with you. If you have someone with good credit backing you up, lenders may be more likely to approve you for financing.
Having a cosigner will particularly help those with bad or no credit when applying for used car financing. It may give you a better chance of securing the financial offer with the terms you want.
5. Explore Our Financing Offers
Finally, it’s always a good idea to check out any special offers. Here at our dealership, we have a rotating list of pre-owned specials. They can make it even easier to get behind the wheel of the used car that you love.
You may also want to consider how much your current ride is worth. We can take your vehicle off your hands and put its value towards your next used car. Ultimately, it may help you make a more substantial down payment, which could shorten the length of your loan.
Finance a Used Car Today!
Armed with these tips for financing a used car, you’ll be more prepared when you visit us here at MINI of Manhattan. The team at our finance center is ready to help get you the offer that will work best for you! That way, you can get behind the wheel of the car you love even faster.
If you’re a driver in Manhattan, Bronx, or Queens and you’d like to know more about used car financing, contact us today!
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