In terms of luxury and ruggedness, you can’t go wrong with any Land Rover SUV. Where buyers do go wrong, however, concerns the Land Rover financing process. To ensure that you make smart decisions, Land Rover Bellevue highlights three mistakes to avoid.
Not Checking Your Credit Score
You probably have some idea what your credit score is, but do you know the precise number? Any prospective lenders you want to borrow money from will definitely find this out, and you should before they do. This is because if it’s on the low side, it’s a good idea to attempt to raise it before seeking a loan. The result could be an easier approval and a lower interest rate.
Not Choosing the Right Term
Another way in which buyers make an error has to do with the loan term. Getting this right is essential, as it will play a role in your finances for a long time. With a short loan term, your monthly payments will be large. And while a long loan term will lower those, you will end up paying more in interest. This is why choosing a term somewhere in the middle – like four or five years – could be your best bet.
Not Including a Down Payment
If you aren’t required to put down any upfront money, you may think that this is a great deal. The problem, however, is that you will need to borrow more money for your SUV. And as such, there will be more money that needs to be paid back. The better move is to supply a healthy down payment so you can trim some of your long-term costs.
Start the Land Rover Financing Process in Bellevue, WA, Near Seattle
Ready to get the financing process underway? Land Rover Bellevue makes it simple. Just fill out our online application to get pre-approved. Contact us with any questions and test drive a new Land Rover SUV today!
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Finance