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Exploring Your Financing Options When Shopping for a New Car

Last updated 5 years ago

Buying a new car is easier and less expensive in the long run if you are able to secure a good car loan. To find out more about your options when it comes to financing a new car, read the following article.

Review Your Credit Score

Before you start applying to different financing sources to get a loan for a new car, it’s a good idea to have a look at your credit score. Order a copy of your credit score and look over it to be sure that it is free of errors and that there are no unpaid bills. Doing this will ensure that your credit score is as good as it possibly can be, which will increase your chances of qualifying for a lower rate on your car loan. 

Bank

After you raise your credit score, consider applying to a bank. There are banks all over the Indianapolis area that will likely offer you a great deal on a new car loan. But keep in mind that banks are typically stricter than dealerships when it comes to their lending procedures, which means you won’t have as good of a chance securing a car loan if your credit score is less than stellar.

Credit Unions

Another option that you have for securing a car loan is through a credit union. Since credit unions will only serve members of the community, you’ll have to apply for membership at the credit union before you apply for a car loan.

Dealership

By far the easiest option that you have for obtaining financing for your new car is to go through the car dealership from which you plan to purchase a car. Most of the time, dealerships offer quick and easy approval for a car loan. Keep in mind that dealerships will also discount your car loan if you should decide to trade-in your current car.

To find out more about your financing options for a new car, come to Falcone Automotive of Indianapolis. Visit our website to view our dealership’s credit application, and call us at (317) 263-0002 if you have any questions at all—we’re happy to help.

 

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