While some Maryland drivers choose to pay for a new Subaru car in cash, the majority of car buyers need to take out a loan. If this is your first time taking out an auto loan, you may be somewhat anxious about getting approved for the loan.
Here at our Subaru finance center, our professionals are happy to share their tips on how to get approved for your Subaru loan.
Know Your Credit Score
Your credit score is one of the biggest factors when it comes to securing any kind of loan. Unlike mortgages or a credit card, you can typically get approved for a car loan even if you have a low credit score. The catch is that your interest rate will likely be higher. No matter your credit score, our finance representatives will do their best to work with you to get you the best-suited loan for your situation.
Use Our Payment Calculator
Before visiting our dealership, it’s advised that you have an idea of how much car you can afford. To help you, we have put a Subaru financing calculator on our website where you can input different variations of the price, the down payment, the APR, and the term to see which combination works best.
Maximize Your Down Payment
Most financial advisors will tell you that it is best to make a large down payment in order to avoid paying interest on your monthly payments. While driving off in a new car without putting anything down may be tempting, it can lead to a situation where you owe more than the car is worth.
For more Subaru finance tips, talk to a friendly representative at Herb Gordon Subaru!
