When you have your heart set on a new vehicle, it can certainly be disheartening if you can’t secure Buick financing. Don’t get discouraged just yet. Our financial experts at Carroll Buick GMC have a few tips to help.
Find Out Why
There are lots of factors that play into auto financing. Before you try to address any issues, it’s essential to understand what they are. It could be your credit score, income, debt-to-income ratio, or another factor entirely. The more you know, the easier it is to determine your next steps.
Review Your Credit Report
If your credit is the problem, reviewing your credit report is a crucial first step to look for any discrepancies. You also want to see where the big hits are coming from. While there are ways to raise your score quickly, some factors take significant time to correct.
Consider a More Affordable Vehicle
If a lender is concerned that your existing expenses are too high, they will likely also be concerned about adding a car to your debt. Since it isn’t always possible to lower your expenses (or raise your income) overnight, you may want to consider a more affordable vehicle or a pre-owned model.
Add a Cosigner
When you add a cosigner to your loan, that person must agree to take on your loan if you can no longer make the payments. This can give lenders peace of mind since they factor in that additional income. Plus, they consider your consigner’s credit score, which often improves your qualifying rate.
Shopping at Our Buick Dealership
We pride ourselves on helping car buyers with good credit, bad credit, no credit, and everything in between. Don’t feel discouraged if you have had trouble securing an auto loan; our team is happy to help. Visit Carroll Buick GMC to chat with our team today!
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