If you’re thinking about putting a 2020 Chevrolet Equinox in your driveway this year, now is a great time to start thinking about the factors surrounding your auto loan. While the expertise of our finance department at Van Horn Chevrolet of Plymouth will always do everything we can to arrange favorable lending terms for you, there are a few things you should be aware of before it’s time to apply for the loan.
What to consider before pursuing an auto loan near Plymouth, WI
First, know your credit history. You’ll want to be aware of your credit score and have an idea of what lenders can expect to find as they start to review your application. You wouldn’t loan money to a friend unless you trusted that they’d pay you back within a reasonable amount of time, right? Banks are the same way when it comes to auto loans, so a lender is going to take a look at your payment history, the types of accounts you have open, and the debt you’re currently carrying.
Having existing debt won’t necessarily exclude you from qualifying for a new loan, but a lender will want to be sure that you can satisfy your obligations. This means that your living expenses, dependents, and any other financial obligations will be evaluated against your current income to ensure that you can afford to take on additional expenses.
The Van Horn Chevrolet of Plymouth team will help you through each step of the financing process regardless of your credit history, but it’s safe to say that the higher your credit score, the lower your interest rate will be. This will help you save money over the life of your loan, which usually spans somewhere between three to six years for an auto loan.
Find a Chevy dealer near me
To learn more about financing or to get pre-approved for a 2020 Chevrolet model, contact Van Horn Chevrolet of Plymouth today!