Sometimes, financing your vehicle can be like a rubric's cube. Right? There's so many different ways to twist and turn your situation. And once you align one row, you feel like all is good. Until you flip things over and see that there's a bunch of unmatched colors on the other side. It can be frustrating. But that's why we're here. We've been in the business for a while, and we've seen what works, what kind of works, and what makes it difficult. And we're about to take you behind the scenes of the auto financing process.
Financing Your Future
There's a number of variables at play when you approach an auto dealership in Athens, AL, for financing. Things like credit history, employment history, income, and rental history all play a factor. But your down payment can also be a dealbreaker for some dealerships. What's most important, and which combinations will get you instantly approved for a new or used vehicle? Here's one.
Great Credit History + Down Payment
There's really not much to say about this combination. This would be the equivalent of having Kobe Bryant and Michael Jordan on your team at the same time. It's a one-two combination that unlocks your auto financing success. Your great credit history (think 700 or above) paves the way to a low APR, or interest rate.
And your nice down payment will drop the MSRP or sale price of your vehicle. What qualifies as a nice down payment? If you've got a least $3k to put toward your vehicle, you'll be sitting pretty. Here's another winning combo.
Decent Credit History + Down Payment
So, maybe your credit history isn't over 700. Don't worry. According to research by Wallet Hub, only 21 percent of Americans have a score between 670-739. While you're not looking at prime Kobe and Micheal Jordan, you'll probably get by just fine with Lebron James and Dewayne Wade.
A decent credit score will still give you financing options. Your APR might be a little higher, but you'll still get in the driver's seat. And with your decent down payment (think $1.5-$2k), you can still get a fairly low monthly payment. But here's a combo that might make things a little bit tougher.
Poor Credit History + Low Down Payment
Alright. So, you're caught between a rock and a hard place, for lack of a better analogy. Maybe you lost a job a year ago, and there was a domino effect on your credit. Or perhaps you helped a family member get out of a jam, and they haven't paid you back. There's a number of reasons why your credit could take a hit—and why your down payment might not be as much as it should.
And while this will make things harder, finding an auto loan is not impossible. At Champion of Decatur, we have several ways to help you get financed for a vehicle. Don't let your situation discourage you. We've helped many people in this situation get financed for a new or used car near Huntsville, AL.
Financing or Leasing with Champion of Decatur
Do you have the winning combination? If either of the three situations describes your current standing, then yes, you've got the winning combo to finance or lease today. You can get your no-obligation online pre-approval today. Our team will pull your file and help you get in the driver's seat. Check out our global incentives and see how you can save on your upgrade at Champion of Decatur near Madison, AL. We're here to help you, no matter what situation you're in.