There’s more to buying a car than just visiting a dealership and picking out a desired vehicle. Most buyers will need to apply for a Toyota loan in Baltimore, MD. This isn’t a hard process, and our finance department makes it a speedy process once you have all the required paper work ready.
There are a few things you can do on your end to expedite the loan approval.
Check Your Credit Report
Before even stepping foot into a dealership, you should check your credit score first. You can do this for free through a credit bureau like Equifax or Experian. It’s important that you actively look for errors or signs of fraud and get any discrepancies sorted out.
Improve Your Credit Score
There’s no set score that determines your eligibility for a loan. However, as a rule of thumb, it’s generally recommended that you spend three to six months to get your score up if it’s below 600. A score of 660 is a good figure to aim for. A low score doesn’t disqualify you, but you won’t get the best interest rate.
Use a Loan Calculator
There are plenty of free loan calculators you can use online to determine your estimated interest for your given credit score and monthly payment. This will prove to be a useful tool for helping you plan out your budget.
Bring Proof of Income
Bring along your latest bank statement or pay stub to the dealership. This is important because lenders want proof that you have a steady stream of income.
Get a loan approved and drive away in a new car today at Heritage Toyota Catonsville. Get a loan for a purchase or lease on models like the Toyota Highlander and more.
