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Are you thinking about financing your next new Jaguar car or SUV? By getting pre-approved, you can shop with confidence. Our Jaguar finance experts are outlining a few tips to help you get pre-approved.
Know Your Limits
Shopping within your budget is one of the best ways to ensure you’ll be approved for a loan. As a general rule of thumb, experts recommend that you keep your auto payment and expenses under 20 percent of your take-home pay. This should include your auto payment, insurance, and registration, as well as your maintenance, fuel, and upkeep costs.
Consider Your Debt
Even if an auto payment may be well within your budget, you want to make sure you aren’t over-extending yourself. Generally, an ideal debt-to-income ratio is under 36 percent. If your debt is too high, it’s best to try to pay some of it down.
Check Your Credit Report
Your credit score and history also play important roles when getting approved. We recommend checking your report to see if you have any red flags that could hold you down. It’s a good idea to check your score as well to avoid any unwelcome surprises.
Plan for a Down Payment
A down payment is beneficial for many reasons. It reduces the amount you have to finance, which can make it easier to secure a loan, as well as limit how much interest you have to pay. A down payment also helps you establish yourself as money-savvy, making you less of a risk to lenders.
Get Pre-Approved for Jaguar Financing in Bellevue, WA
In just a few simple steps, you can easily get pre-approved online at any time. If you prefer, stop in and see us at Jaguar Bellevue, we’d be happy to walk through the process with you. Let’s get started today!
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Finance