Are you considering Jeep® financing for your next purchase? Getting pre-approved for a loan can be extremely beneficial when shopping for a new car. Our financial experts at Fields Chrysler Jeep Dodge RAM Glenview are sharing a few tips to get started.
Check Your Credit Report
It’s not uncommon for buyers to get a surprise when applying for a loan — thanks to their credit score. We recommend that you check your credit report before you apply. There may be things you want to address or even discrepancies that should be removed.
Set a Budget
Shopping within your budget can certainly help your chances of getting approved. As a general rule of thumb, lenders look for a buyer with a debt-to-income ratio under 36 percent. You also want to aim to keep your auto payment under 10 percent of your take-home pay.
Use an Auto Payment Calculator
Auto payment calculators can be a valuable tool when shopping for a new vehicle. You plug in the total cost of the vehicle, and you’ll see an estimate of the monthly payment you can expect. You can also see how a variety of factors such as your interest rate and loan term can affect your payment.
Save Up a Down Payment
If you can part with your savings, a down payment can be a huge asset when you apply for a loan. This shows lenders that you are responsible with your money and have buying power. If possible, aim to make a down payment of at least 20 percent for a new vehicle.
Apply for Jeep Financing in Glenview, IL
Applying for an auto loan doesn’t have to be complicated. You can conveniently apply to get preapproved online. If you prefer, visit Fields Chrysler Jeep Dodge RAM Glenview and our financial experts are happy to help!