Car Financing Tips

Once you decide that it’s time to buy a car, you should start getting ready to apply for financing. Most drivers choose to finance, but how do you know if you’re getting a good rate? To help drivers in Little Rock, Benton, and Conway, AR get prepared, Owens Murphy Volkswagen put together these car financing tips.

Credit Score

How to Prepare for Financing

The first step to financing is applying for an auto loan. You’ll either get approved or have to negotiate a different rate. Once you’re approved, you’ll make a down payment, then start making monthly payments on the car until it’s paid off. To increase your chances of getting a good rate and getting approved, follow these simple steps.

  1. Check Your Credit – Find out what your credit score is by looking on a reliable website like Credit Karma or Experian. Your credit is the first thing financers will look at when you apply for an auto loan. Your credit score and credit history are how they’ll decide whether or not you qualify for a certain rate or get approved.
  2. Pump Up Your Credit – You shouldn’t worry if your credit isn’t where you’d like it to be. There are a couple easy ways to raise your credit score. First, pay off any debts or outstanding loans you have. This will close those open lines of credit and show financers that you’re making an effort to improve your credit.
  3. Hold Off On Applying For Other Loans – Once you’ve started to raise your credit score, hold off on making any other big purchases or applying for any other loans until after you’ve started financing.
  4. Consider a Cosigner – A cosigner is a great way to immediately increase your odds of getting approved for an auto loan. It lets you apply with a second line of credit and shows lenders that a friend or relative trusts you to make your car payments on time.

Car Trade-In

Financing Tools & Specials

Our finance center also offers some great tools that can help you get prepared. For example, our payment calculator is free and easy to use. It lets you figure out your budget and see what kind of rates work for you.

Trading in your car is also a great way to make your next car more affordable. That’s why we also have a handy value your trade in tool. Just enter some basic information on your car, and you’ll get a quick estimate on how much it’s worth.

We also offer an exciting selection of VW specials. They’re designed to help you save. You can browse through them all online. To offer something for everyone, our specials change frequently, so be sure to check back often. Once you spot one for the car that you’re interested in, you can kickstart the process by applying for financing online.

Contact or Visit Our VW Finance Center

To learn more about these car financing tips, visit Owens Murphy Volkswagen. Our VW financers work with all kinds of customers in Little Rock, Benton, and Conway, AR. They’re committed to helping you get behind the wheel of the car or SUV that’s right for you. Contact us or visit our finance center to get started.

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(501) 661-0303

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25 Colonel Glenn Plaza Dr Suite C • Little Rock, AR 72210

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Owens Murphy Volkswagen 34.7068797, -92.4049721.