Sometimes one car just isn’t enough. Or a small family hatchback just won’t do if your family keeps growing. That’s where a car loan can come in useful.
If you have a growing family and need another car or a larger one, we can help.
Depending on your situation, you can get any kind of car loan to finance an extra or larger vehicle. The preparation for getting that car loan is also the same.
Assess your needs
What type of car do you need? What are you using it for? Are you upgrading your two seater for a sedan or station wagon? Need to have three rows instead of two? Need another car so you can get to work while your partner shuttles the family?
Knowing what you’re going to need your car for will help direct the rest of your search.
We are often tempted by the car we want and can often lose sight of the car we need during all the excitement. Taking this step first should set expectations before things get serious.
Check your credit score and affordability
Checking your credit score should give you an idea of how easy you’ll find securing a car loan. The higher your score, the easier time you’ll have applying for an auto loan. The lower your score, the harder we will have to work to secure finance.
Checking affordability requires you to look at your monthly income and outgoings and deciding how much you can afford to pay each month.
If you have lots of disposable income, you’re golden. If you don’t have much, you’ll need to look very closely at how much you could comfortably afford before putting your finances under too much strain.
Loan pre-approval is a useful step as it validates the work you have done so far. It can give you an idea of how much you could borrow or confirm that you can borrow the amount you have already decided.
It’s also useful to have pre-approval when buying the car as dealers know you’re a qualified customer.
Perform due diligence with your vehicle research. Check reviews, check professional publications and websites, check recall notices and everything you can to get a good feel for the car(s) you’re shortlisting.
Also make sure the car you decide to buy fulfils the criteria you set at the beginning. It is very easy to lose sight of your original objective when you’re faced with hundreds of shiny cars with amazing features and impressive performance figures.
Always keep your original intent in mind before you buy!
Apply for the car loan and buy
Now all the preparation is done, it’s time to apply for the loan. Shop around, visit us at Dixie Auto Loans and let us find you a competitive car loan. We can help with your application, with the paperwork and with securing the car you need at a price you can afford.
We want you to be completely happy with your purchase and will do everything we can to ensure you drive away with the affordable car of your dreams.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!