Auto loans: What you should know before you go to the dealership
In 2019, more than 17 million vehicles were purchased in the United States1. For a majority of Americans, cars are a main mode of transportation, taking individuals to and from work, on errands, trips, and more. Buying a car can feel like a long journey. However, purchasing your next car should feel empowering, putting you into even greater control.
So, when it’s time, how can you finance your new ride and get behind the wheel with confidence?
Having the right banking partnership in place can empower your car purchase. By getting preapproved for a loan from a trusted bank before you go car shopping, you’ll earn three significant advantages when it’s time to purchase your next ride.
When you partner with a bank, you can:
Identify credit problems before heading to the dealership
When it comes time to purchase your next car, ensuring the foundation of credit is in a good place can save you both time and money. Checking in on your credit score prior to buying a car gives you the opportunity to make any additional adjustments with your bank to raise your credit score.
Additionally, by getting preapproved for an auto loan, you have further insight as to what interest rate you qualify for.
Design loan terms based on your budget
By applying for a loan ahead of time, you’ll also discover how much funding you can expect to borrow from your bank as well as how it translates into monthly payments. This allows you to select a loan and car payment based on your budget.
It also enables you to customize your auto loan even further, deciding on the length of the loan and a down payment that matches your financial requirements.
Heading into a dealership with a preapproved auto loan from your trusted bank allows you to focus solely on the cost of the car itself. Enter the negotiation process with a greater sense of confidence and ownership with your desired financial payment plan already in place.
Lastly, by keeping the process of purchasing a car and financing separate, you’re more likely to get the best deal on your new car.
Shift into control with Westfield Bank
At Westfield Bank, we are reliable experts in the auto loan industry. We work hard to make the loan process easy for you. Our team will stay in touch with you from day one and we’ll be there throughout the entire process — delivering efficient, transparent and elite guidance.
1 Wayland, M. (2020, January 6). US auto sales fall in 2019 but still top 17 million for fifth consecutive year. CNBC. https://www.cnbc.com/2020/01/06/us-auto-sales-down-in-2019-but-still-top-17-million.html