Financing your next vehicle?

Researching and picking out your new vehicle is a big step and two of the questions that many people ask is if they will qualify for financing and how they go about getting financed. This can be a needlessly confusing issue because there hundreds of sites on the Internet telling potential buyers what they should watch out for if they have a dealership set up financing for them. Some of those sites are very helpful but some of them give information that is flat out wrong and can cause you unneeded frustration and anxiety.

First off, a couple of facts.

A vast majority of people who do finance a vehicle let their dealership handle the financing for them. It saves them the time of having to go back and forth between the dealership and their bank and also allows them access to better interest rates and programs since most dealerships, including Graff in Bay City, work with many different banks, credit unions and lending institutions.

Dealerships may also have access to special low interest rates from the manufacturer and most reputable dealerships will work their hardest to get the best programs available for their customers. Positive word of mouth and a good reputation are both very important to a dealership's success, so any dealership that wants to be successful and grow will do whatever it can to keep customers satisfied and happy.

Another common question people have is what the qualifications are for getting financed. Unfortunately, there is no hard and fast rule to give a yes or no on vehicle financing. Your credit score will play a factor along with the vehicle you pick choose. There are a few things that almost all lenders require for financing. You will need to be at least 18 years old and be able to provide 2 years of address history, 2 years of employment history and need to have at least $1,200 a month in taxable income.

If you aren't able to meet those qualifications, a down payment or a co-signer on your loan are two things that can make things much easier for you.