4 Things That Can Help You Get a Car Loan for a New Porsche

Getting a car loan can be difficult sometimes, but there are things you can do to make the process easier. Our team at Porsche West Broward will do everything they can to help you secure financing for your new car, but the actions you take yourself are very helpful in making sure you get that loan.

4 Things That Can Help You Get a Car Loan From Your Porsche Dealership

1. Know Your Options

When seeking car financing, you can either go to a traditional lender or apply through your dealer. Learning the pros and cons of both options is a good idea so you know who’ll be the best business to turn to.

Dealers frequently offer fast approvals, and people who don’t get approved through traditional lenders may still be able to get approved for a loan through a dealership. Dealers work with numerous lenders who are often willing to offer loans to people whose credit isn’t in pristine shape. So, know that if you struggle to get approved by a bank or credit union, then you can still try the dealer.

2. Improve Your Credit Score

It’s not possible for everybody to improve their credit score, but if you may be able to, then you should spend some time going over yours. Use TransUnion, Equifax, or Experian to learn your credit score. People with a score of over 700 generally get the best rates on car financing, but raising your score a little, even if you can’t get it above 700, may be helpful.

If you have any debt you can afford to pay off now, then doing so may increase your credit score. If you’ve been struggling to make loan payments on time, consider putting off buying a new car for a few months and spend those months making current loan payments on time if possible. Reach out to creditors and ask if it’s possible for them to make goodwill adjustments. File a formal dispute if you can prove some information on your credit report is inaccurate.

3. Make a Down Payment

Make the biggest possible down payment on your new ride. Even if you must put off buying a car for a few months, it may be worth it to spend those months scrimping and saving as much as possible for your down payment. Making a bigger down payment may make it easier to secure financing.

4. Get Pre-approved

Try to get pre-approved for a loan before you head to the dealership in person. Getting pre-approved can help you figure out what your budget is. It’s also nice to know that you’ll most likely qualify for the loan you seek through the dealer if you have pre-approval, which you can apply for online on the dealer’s website.

Come get your financing from Porsche West Broward. You can fill out your credit application online or come and seek help with getting financing in person.

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