Because a Cadillac car is a big purchase, most new buyers prefer to work with our Cadillac finance team rather than pay in full upfront. But this is contingent on getting approved for a loan, which requires some preparation on your part. Explore the process of getting pre-approved with the experts at Fields Cadillac St. Augustine.
Check Your Credit
One of the biggest factors that lenders look at when deciding to lend money is someone’s credit score. This is why you should check yours as soon as you can. If your score is “Good” or higher, you don’t need to do anything. If, however, it’s on the low side, you should think about raising it. With a better score, you improve your chances of getting a loan, as well as a good interest rate. To boost your credit score, you can:
- Fix errors: In many cases, a bad score comes from errors on a credit report. You should access yours and look at it closely for any discrepancies.
- Pay off debt: An easy way to increase a credit score is by paying down debt. If you can’t pay off everything you owe, start with the smaller debt, and focus especially on your credit cards.
Consider Using a Co-Signer
Because raising a credit score takes time, you may want to consider using a co-signer on your loan. As long as this person has a good score, this should help you get a loan and a favorable interest rate.
Start the Cadillac Financing Process in St. Augustine, FL
The final step in the pre-approval process is actually getting pre-approved, and Fields Cadillac St. Augustine makes this easy. Just fill out our online application and someone from our financing center will get back to you quickly.
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