Tips for Financing a Used Car

Ready to finance your first or next used car near Madisonville, Owensboro, or Henderson, KY? If so, then you’ve landed on a helpful page. Our team at Watermark Toyota of Madisonville put together the following tips for financing a used car to streamline the process for you from beginning to end.

As you read our tips below, don’t hesitate to reach out with any questions or to schedule an appointment with one of our automotive finance experts.

Check Your Credit Score

credit check approved

The first step to financing a used car is finding out your credit score. This is because your credit score will largely determine the auto loan you can get to finance your used car. To be thorough, you can get your complete credit report from one of the three major credit reporting bureaus:

  • Equifax
  • Experian
  • TransUnion

Credit scores range anywhere from 300 to 850. As a good rule of thumb, you can expect to receive better interest rates and a larger available auto loan if your credit score is at least 660 or higher.

Tips for Raising Your Credit Score

If your credit score isn’t as high as you’d like it to be and you have some time, there are steps you can take to boost your credit score before applying for an auto loan. First, review your full credit report. If you find any errors, dispute them and have them removed. This can quickly raise your credit score.

Then, catch up on any past-due accounts and set a reminder to make all future payments on time. Along with that, even if you’ve stopped using certain lines of credit, keep them open, and avoid opening new lines of credit if possible.

Get Pre-Approved for a Used Car

Once your credit score is where you want it to be, you can apply to get pre-approved for an auto loan. This will show you the amount and interest rate you can expect to receive. For your convenience, you can also apply to get pre-approved directly on our website.

With this information in hand, you can start to shop around for a used car within your desired price range.

Shop Around for Your Next Used Car

Used car shopping Madisonville KY

Now that you’ve been pre-approved, you can focus on the fun part: picking out your next used car! Whether you already know exactly what you want or aren’t sure about what’s available on the market, it helps to read reviews and comparisons of different models, so you can pin down your top priorities.

Once you have a list in mind, look at each used car’s vehicle history report before making your final decision. When searching through our inventory online, you can narrow down your options quickly by specifying your preferences, such as:

  • Price
  • Year
  • Make
  • Model
  • Body Type

At our dealership, we also sell qualifying used cars that come with our Warranty Forever® powertrain coverage. It starts the moment you take the wheel and lasts for as long as you own it, so you can move ahead with greater peace of mind.

When you’ve found the used car that you want to take home, you can officially apply for an auto loan to finance it.

Finance a Used Car Today

All of us at Watermark Toyota of Madisonville hope you found these tips for financing a used car helpful. If your home is near Madisonville, Owensboro, or Henderson, KY, and want to get started today, we invite you to browse our inventory online or contact us with any questions!

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