When you have found the GMC vehicle that you want, the next step is getting the vehicle financed. You can opt for financing through GM Financial if you don’t already have financing secured through a Milton financial institution of your choosing. However, there are some things you need to have in order so you can get the financing you need. Here are six tips for getting your GMC financed:
Secure Financing Ahead of Time
You can save time by visiting GM Financial online and filling out the online credit application if you haven’t already secured your own financing. If you wish to use your financial institution, you can visit it and see how much you can finance. Knowing how much money you qualify for will help you make your vehicle decision. Showing up with financing can also give you some leverage.
20% Down Payment
It is good to have a 20 percent down payment so you can offset some of the long-term cost. This will reduce the amount that you have to finance, which will reduce your payment. Having money down can also help with the loan approval because of how it reduces the amount being requested.
Gather Financial Info
Have all of your financial information in order. This means having last year’s tax return and pay stubs and bank statements for at least the last three months. This verifies your income for the bank.
Taxes, Title, and Fees
If you plan on paying the taxes, title, and fees with cash, let your Milton dealership or bank know so that the amount of financing requested doesn’t include the miscellaneous expenses that can contribute to a higher payment.
Dealing with Denials
If your information is submitted to lenders and some lenders come back with a denial, don’t let this get to you. Different lenders look for different things, so don’t give up. Where one lender may decide not to approve, another may decide you’re the right type of customer. Take advantage of the different application opportunities afforded to you.
Getting a Cosigner
If you keep getting denied, you may need a cosigner. This is a person who also assumes responsibility for the loan. This person typically has the good credit and financial backing to get the loan approved for you.
While it may seem like getting your GMC financed is a difficult endeavor, it isn’t. At McKenzie Motors in Milton, Florida, you can bring your own financing or your application can be submitted to multiple lenders so you can get the financing you need for your new GMC vehicle.