Have you been considering your RAM finance options, but find yourself worried because you don’t have existing credit? We can still help you find competitive financing options at Pogue Chrysler Dodge Jeep® RAM.
What Does Financing Entail?
Auto financing includes securing an auto loan to pay for your vehicle. Without financing, you have to pay the entire cost of the vehicle upfront. If you get an auto loan, your lending institution covers the cost of your vehicle, and you pay them back over a predetermined term in comfortable monthly payments.
How Do Buyers Get Approved for an Auto Loan?
To apply for a loan, we start by looking at your buying criteria. We review your income, existing expenses and debt, and your credit to help determine how much you can afford for a new vehicle. Then, we submit the info to our lenders to help you find a loan with competitive terms that work for you.
How Does Credit Affect Your Approval?
When looking at your buying criteria, lenders will review your credit score and history. A good credit score helps establish you as a responsible borrower. It can help you secure a lower interest rate and more offers, since lenders will feel more confident lending you money.
What if I Don’t Have Existing Credit?
Without a good credit score (or any credit at all), lenders can be hesitant to work with you, although not unwilling. While there may be less offers extended to you, we’ll still do everything we can to find one with terms that work for you. Keep in mind, you may be required to pay a larger down payment or get a larger interest rate without existing credit.
Still have questions? Visit our RAM dealership in Powderly, KY to discuss your financing options with our team today!
