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When you’re ready to start looking for a new or pre-owned BMW vehicle, it’s important to think about the financing process. The first step is to get pre-approved for a loan, and there are things you can do ahead of time to not only get the money you need but get it with a favorable interest rate. Fields BMW of Asheville offers some helpful BMW financing tips.
Check Your Credit Score
Because credit plays a big role when financing a vehicle, you need to know your credit score. The higher it is, the more likely you are to get approved with ideal financing rates. If your score is on the lower side, consider doing things like paying off debt to raise it. You may also want to check your credit report to look for any errors that could be fixed.
Increase Your Down Payment
Supplying a large down payment for your car offers a couple of significant benefits. First, this means you won’t need to borrow as much money, so there will be less to pay back. Secondly, it proves to your lender that you’re making a financial commitment, and this may mean a lower interest rate.
Use a Cosigner
Another thing you can do to increase your chances of success with financing is to use a co-signer. When someone with good credit cosigns for you, this reassures your lender, giving you better terms and interest rates.
Start the BMW Financing Process in Asheville, NC
If you want to get the BMW financing process rolling, BMW of Asheville makes it easy. All you need to do is fill out our online application to get pre-approved. You can also come down to see us to speak to a BMW financing expert in person. Contact us today to get started!