Tips on Financing a Used Car
If you want to drive home in a great pre-owned vehicle without breaking the bank, financing your used car might be the perfect solution. However, it’s important to get the best rate possible so you can put more cash into getting what you want instead of paying off interest. To help you, Hawk Cadillac in Joliet is here with some tips for financing a used Cadillac in Minooka, New Lenox, Channahon, or Lockport.
Check Your Credit Score
Individuals with high credit scores will likely be approved for options that offer better terms and more affordable rates than those with lower scores. Therefore it’s a good idea to check your score before you apply for financing. If it’s too low, you may have difficulty getting approval for the financing options you’re hoping for.
Increase Your Credit Score if you Need To
There are several ways to improve your credit score, including paying off outstanding balances and always paying on time. However, these actions won’t increase your score immediately – meaning you might have to wait a little while if you are seeking a budget-friendly financing plan.
Know How Much Car You Can Afford
In addition to good credit, you will also want affordable payments. Determine what you can afford to pay each month, then use an online calculator like this one to help you decide how much you can reasonably afford to spend.
You’ll also need to consider additional expenses associated with owning a used car, including routine maintenance, insurance, and unanticipated repairs. You may find it more cost effective to purchase a certified pre-owned car with a warranty – allowing you to avoid unexpected repair costs that could derail your payment plan.
Save Up for a Good Down Payment
Consider the importance of coming up with a good down payment (at least 15% - but the larger the better). This will lower your monthly payment – and it’s likely to lower your interest rate as well. Your down payment amount will of course vary, depending on what model of used Cadillac in Minooka you are planning on purchasing.
Finance with Hawk Cadillac
Most banks and credit unions offer auto loans, but if you are looking to save, apply for financing at a dealership like Hawk Cadillac, Joliet. Because we work with multiple lenders, it’s often easier for our finance team to come up with the best options to fit your budget.
Additionally, we may be able to offer affordable financing incentives for certified pre-owned models as well as select used Cadillacs. Minooka, Joliet, Romeoville, and Plainfield residents will find affordable financing options – for those with good credit as well as those less than perfect credit – here at Hawk Cadillac in Joliet.