Guaranteed Car Financing Ohio
Buying a new vehicle can be stressful, even when you’re buying used, have a trade-in, or already know what kind of vehicle you want. Between finding the right dealership, concerns about interest rates, and getting approved, there are a lot of stressors for even the most knowledgeable and experienced car buyer.
Plus, if you’ve ever been set to buy a vehicle, only to find out that your financing application wasn’t approved, you can understand the stress and fear you can have in that moment.
Having a vehicle isn’t just about enjoying your vehicle or having a way to get around. Here in Ohio, and throughout the United States, having a vehicle is a necessity for getting to and from work, running errands, and just about everything else.
Fortunately, there is a solution for car financing.
Guaranteed car financing helps make it possible for almost anyone to own a vehicle of their very own and can even help you get a better vehicle than you were expecting. Here’s what you need to know about guaranteed car financing in Ohio.
What Is Guaranteed Car Financing?
Guaranteed car financing is a practice at some car dealerships where they have decided to give financing options to basically everyone who needs it, for a variety of reasons.
For one thing, car financing is an important part of buying a vehicle for almost all consumers. For another, there are a lot of things beyond your control that can impact your credit score and the other common ways businesses and financial institutions determine your fitness for a loan.
Guaranteed car financing is also an option for people who don’t qualify for a standard loan because they don’t have a long credit history or don’t have a credit score at all.
After all, not everyone has a credit card or other qualifying financial activity that would create a credit score, but that doesn’t mean that you aren’t a good potential buyer!
Maximizing Loan Approval Potential
At Paul Sherry, we pride ourselves on our exceptionally high loan approval rate. There are a few different reasons that we get such high approval rates, and we’re happy to pass along those advantages to our customers.
Vehicle Eligibility: One of the things most financial institutions consider when they are debating whether or not to approve a loan is the vehicles age, mileage, and likely condition.
That’s important because the bank doesn’t want to fund the purchase of a vehicle that is likely going to be totaled or traded in before the loan is paid back.
You can maximize your chances of approval by searching for vehicles 9 years old or younger, with no more than 79K miles on the odometer.
Look Below Book Value: At Paul Sherry, we’re proud to offer a wide selection of top vehicles under their book value estimation! This is important because it’s a strong sign that you, and the bank, are getting a deal on that vehicle. Since their money is being spent wisely, this can be a good signal to financial institutions that you are a good loan candidate.
Plus, if you shop Paul Sherry, most of our inventory will meet this criteria!
Pay 10% or More Down: Having a solid down payment can also help make your loan application look better. Your trade-in vehicle counts toward the down payment on your new vehicle, so you actually have a lot more flexibility than you expect when it comes to putting together a down payment.
Credit Score: We put this criterion last because, in our experience, it’s actually one of the least important parts of your application as long as the other criteria have been met.
You do need to have a credit score of at least 500. However, that’s not hard to do. Ohio’s average credit score is 687, meaning that most Ohio residents can easily meet this requirement.
Get Guaranteed Financing in Ohio
Think that guaranteed financing might be the right option for you? Like the sound of buying your next vehicle below book value? Want to work with salespeople who understand the vehicle you’re buying and can help you find the perfect fit for your needs?
If you answered yes to any of those questions, it’s time to go to Paul Sherry. We’ll be happy to help you find the perfect vehicle for you! Contact us or visit our Piqua location to get started!
